Halfway point of the year is a good time to reflect and take stock of the progress towards achieving our annual goals. It is especially important to reflect on the financial goals set at the beginning of the year.

Retirement saving is an oft-neglected financial goal. Some will confess that they are not saving for retirement at all. While undertaking one’s half-year review, it is important to pay due attention to retirement saving.

The first step in reviewing your retirement savings is to look at the overall financial situation since the year began. Have you been able to save consistently over the past six months; and has retirement saving been part of that plan? Have there been any unexpected expenses or changes in income that have affected the ability to save?

Next, review the investment portfolio. Are the investments performing as expected? Have they diversified to minimize risk? It is important to work with a financial advisor to determine the right mix of investments based on individual goals and risk tolerance.

One thing to keep in mind when reviewing retirement savings is the

power of compounding. The earlier one starts saving, and the longer you stay at it, the more your funds grow – if prudently invested. Even small contributions can add up over time, so it’s important to start saving as early as possible. If it wasn’t one of the goals you set at the start of the year, now is the time to incorporate retirement saving in your financial goals.

Periodic review of your savings plans and goals is a crucial step in ensuring long term financial security. By taking time to review the financial situation, investment portfolio, and retirement goals, you are able to make necessary adjustments to the savings plan to ensure you stay on track to achieve your goals.