3 Signs Your Retirement Investment Plans Are Off Track

Having the proper retirement investment plans in place is critical if you want to be able to retire comfortably. If your investment plan goes off track, it could cause significant damage to your portfolio. Here are a few signs that your retirement investment plans are off track.

1. Excessive Risk

Many people put large portions of their retirement portfolios into stocks and other investments that are considered relatively risky. While there is nothing wrong with investing in some stocks, if your entire retirement portfolio is at risk, your retirement investment plans could be off track. It would take only a downturn in the market to set you back completely. 

2. High Fees

If you are being charged too much in fees for your retirement plan, there is a good chance that you are off track. Your investment advisor could be charging you a large amount of money for a minimal amount of service. This cuts into your returns and affects your retirement. You should expect to pay an annual management fee on your account. It could be based on a percentage of your account balance or it could be a flat fee. You can compare the fees that you are being charged to other brokers' fees to make sure that you are not being overcharged. 

3. Lack of a Goal

When setting up a retirement plan, you should sit down with your retirement advisor and determine exactly how much you need for retirement. If you have not done this and you have no concrete figure to shoot for, you cannot be on track.