As the calendar turns, it’s natural to take stock of where things stand — from health checkups to home maintenance. But what about your retirement plan? A lot can change in a year, and your financial strategy should reflect that.

Whether you’ve retired recently, are getting close, or are still several years away, this is a good time to revisit your retirement goals and check if your current plan is still on track.

At 1st Choice Financial Services, Inc., our experienced retirement advisors in Central Pennsylvania believe a New Year review is more than a financial tradition — it’s a valuable opportunity to make timely adjustments based on the latest market shifts, tax rules, and life changes.

Let’s walk through why this annual check-in can be so valuable — and what areas may need attention.

The Importance of a New Year Retirement Review

Your retirement plan isn’t something you set once and forget. Life events, legislative changes, and economic conditions can all impact how effective your current strategy will be in the year ahead. A yearly review helps you stay proactive rather than reactive.

This is especially important if:

• You’ve experienced a major life change (such as a move, job transition, or health event)
• Your spending needs or risk tolerance have shifted
• You’re approaching key milestones like age 59½, 62, or 65

Revisiting your retirement planning in Pennsylvania allows you to evaluate whether your savings, investment approach, and income strategy are still a good fit for your current stage of life. It also gives you the chance to fine-tune your plan to match your long-term goals more closely.

3 Key Areas for Your Retirement Plan Review

1. Savings and Contributions

Are you contributing enough to your retirement accounts this year? Contribution limits may have changed, and your capacity to save might have, too.

Here are a few things to consider:

• Are you maximizing contributions to your 401(k), 403(b), or 457? At a minimum, it’s wise to contribute enough to receive any available employer match.

• If you’re over age 50, you may be able to make catch-up contributions to boost your savings. Individuals aged 60–63 may be eligible for an even higher limit under certain provisions.

• Self-employed? You may be able to contribute to a SEP IRA or Solo 401(k), depending on your income and business structure.

• Don’t forget about Roth IRA eligibility and the value of keeping an interest-bearing emergency fund.

Your retirement savings should reflect both your current income level and your future needs. The new year is a great time to revisit your contributions and make sure you’re taking advantage of any available opportunities.

2. Investment Portfolio

Markets shift, and your investment approach should evolve with them. A new year portfolio review is your opportunity to check if your asset allocation—the mix of stocks, bonds, and other investments—still matches your goals, time horizon, and risk tolerance.

Have you become too concentrated in one stock or sector? Are you exposing yourself to more volatility than necessary?

If so, you may be increasing your exposure to sequence of returns risk, a situation where poor market performance early in retirement impacts your long-term income strategy.

A 1st Choice retirement advisor experienced in wealth management for Harrisburg and the broader Central PA region can help you assess your current allocations and make adjustments that reflect both market conditions and your stage of life.

3. Income Streams in Retirement

A vital part of long-term stability in retirement is knowing how you’ll generate income and if it will be enough to cover your expenses.

Reviewing your Social Security benefits—whether you’re still working or already retired—is a good starting point. If you’re approaching retirement, it’s helpful to project your benefits and explore how timing your claim could affect your monthly income. If you’re already retired, consider how well your benefits are keeping up with inflation and your actual cost of living.

If you’re eligible for a pension, revisit the projected payout and how you plan to take it—whether as a lump sum or as monthly income. Each option comes with trade-offs that may affect your taxes, estate plans, and cash flow.

Other potential income sources, like rental properties, investment dividends, or part-time work, also deserve a fresh look. Are these income streams holding steady? Are there opportunities to structure them more tax efficiently?

A comprehensive review with a retirement advisor in Harrisburg, PA, can help identify adjustments that better fit your budget and goals.

Why Work With an Independent Retirement Advisor?

Given the uncertainty surrounding tax laws, market performance, and inflation in the year ahead, it can be challenging to manage your retirement strategy alone. Even with access to online tools and general advice, important details can be overlooked.

Working with an independent retirement advisor offers several advantages:

• Objective guidance not tied to a brokerage firm or bank
• Personalized strategies customized to your specific retirement timeline and income needs
• Ongoing support as your goals and circumstances change over time

As skilled retirement planning specialists in Central Pennsylvania, 1st Choice Financial Services, Inc., an independent advisor firm headquartered in Camp Hill, provides comprehensive retirement planning solutions to clients throughout Harrisburg, Hershey, Halifax, Lancaster, Lebanon, Enola, Mechanicsburg, and surrounding communities.

We strive to deliver thoughtful, proactive service—helping you prepare for uncertainty while staying focused on your financial future.

Consider 1st Choice for Your Retirement Planning in Pennsylvania

Starting the year with a retirement plan review gives you the opportunity to make thoughtful, timely adjustments. Whether it’s checking your contribution levels, evaluating your investment risk, or fine-tuning income streams, this process can help you step into the new year feeling more prepared and focused.

At 1st Choice Financial Services, Inc., our team of independent retirement advisors is here to guide Central Pennsylvania families through each stage of retirement. We’re not just here for one point in time—we’re here to support your journey every step of the way.

Schedule a no-obligation consultation here and take a fresh look at your plan for the year ahead.

Investment advisory services offered through Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser. The views, statements and opinions expressed herein are those of the 1st Choice Financial, and not necessarily of Foundations or their affiliates. The content provided is for educational purposes only and the views reflected are subject to change at any time without notice. No investment, legal or tax advice is provided. Always consult with a professional. Foundations deems reliable any statistical data or information obtained from third party sources that is included in this article,  but in no way guarantees its accuracy or completeness.