A retirement-plan review is useful after a job change, pay change, or major life event. Begin with the employer’s current plan documents and your account information instead of a generic contribution target.
Reconcile contributions with pay records
Compare your election with the amounts actually withheld and received by the plan. Check whether the election applies to every relevant type of pay. Ask the plan administrator about any discrepancy rather than assuming it will resolve itself.
Read the matching and vesting rules
Employers can use different matching formulas, timing, eligibility, and vesting requirements. Identify what the plan requires for a contribution to receive a match and when employer money becomes yours under its rules. Use the actual document before planning around a headline percentage.
Check the applicable annual limits
Contribution and catch-up rules can change and can depend on age or other circumstances. If you participate in more than one employer plan during a year, check how the limits apply across them. The IRS contribution page links to current guidance; a prior-year limit is not the default for a new year.
Review investment and account costs
Look at the investment menu, allocation, and fee disclosures. Consider how the account fits your time horizon and other retirement savings. A fund’s recent performance does not establish what it will return in the future.
Update the administrative details
Confirm your beneficiaries and contact information using the plan’s process. Review outstanding loan terms and any notices before leaving an employer. Keep confirmation of changes, and compare the consequences before requesting a distribution or rollover.
Compare contribution illustrations in the retirement calculator. For the broader learning path, browse the related guides.
Official source
IRS retirement contributions. Check current information for the relevant year and your circumstances.