Time to Revisit Your Retirement Strategy

By Clay Koch, Wealth Advisor, Wagner Wealth Management

As summer draws to a close, many families are busy preparing for the fall season. Children return to school, schedules get fuller, and the pace of life picks up again. But there's one date on the calendar that's easy to overlook, and yet it holds significant financial importance:

National 401(k)/403(b) Day, observed on the Friday after Labor Day. 

While it may not come with fanfare, this day is a timely reminder to reflect on one of the most powerful vehicles in your financial arsenal: your employer-sponsored retirement plan. Whether you have a 401(k), 403(b), or both, now is the perfect time to review your contributions, revisit your investment strategy, and make sure your retirement goals are still on track.

Why Your Retirement Plan Deserves a Second Look: Over time, it is easy for investors to "set and forget" their retirement accounts. The automatic nature of contributions is a wonderful feature but can also lead to missed opportunities for optimization.

Your retirement plan should evolve with your life, your goals, and the market. National 401(k)/403(b) Day is a gentle nudge to pause and ask yourself a few important questions:

• Am I contributing enough?

• Have I reviewed my investment selections recently?

• Has my income, risk tolerance, or retirement timeline changed?

• Am I taking full advantage of employer matching contributions?

• Do I know how much I'll actually need in retirement?

• Are my beneficiaries up to date?

Maximize Contributions Before Year-End: If you haven't reviewed your contribution rate lately, September is an ideal time to increase it. The IRS allows contributions up to $23,500 in 2025 for individuals under 50, and an additional $7,500 in catch-up contributions for those 50 and older.

Even a modest increase now can make a significant difference over time, especially when paired with compounding growth and tax advantages. For high earners, maxing out your contributions also reduces your taxable income, an often-overlooked benefit in managing your tax liability.

Also, if you receive an annual bonus or performance-based income at the end of the year, now is the time to discuss contribution timing with your wealth advisor and plan administrator.

Review Your Investment Strategy: Another area for improvement is asset allocation within retirement accounts. Many investors are highly diversified in their taxable portfolios but haven't updated their 401(k) or 403(b) allocations in years.

Are your current holdings aligned with your risk tolerance and retirement horizon? Are you more heavily invested in one asset class because of recent market performance? Are you taking advantage of rebalancing opportunities?

If you haven't reallocated in a while, or if you're still invested in the default target-date fund, it may be time for a more thorough review. In fact, for many high-net-worth clients, retirement accounts are just one part of a broader investment strategy that includes taxable accounts, trusts, and other assets. Optimizing your 401(k) or 403(b) within that larger context can help you achieve better balance and tax efficiency.

Consider Roth Conversions and Backdoor Contributions: For those with significant retirement savings and high incomes, there are advanced strategies worth revisiting. Roth 401(k) contributions, for instance, allow you to pay taxes now and make tax-free withdrawals later. This can be a compelling option if you anticipate higher tax rates in retirement.

There's also the "backdoor Roth IRA" strategy, which involves contributing to a traditional IRA and then converting those funds to a Roth. While it may not be suitable for everyone, it can be a savvy way for high earners to add tax diversification to their retirement plan.

These are nuanced strategies that should be evaluated in the context of your full financial picture with your wealth advisor.

Don't Forget Legacy and Beneficiaries: Another area where busy professionals often delay action is beneficiary designations. Life changes such as marriage, divorce, or the birth of grandchildren should trigger a review of your retirement plan's beneficiary forms. These designations override your will and trust, so it's essential they are accurate and up to date.

Taking the time to check these details ensures that your retirement savings will pass according to your wishes.

Planning with Purpose: For many affluent families, retirement isn't just about stepping away from work; it's about freedom, legacy, and making an impact. Your 401(k) or 403(b) is a foundational part of that vision. Whether you plan to travel the world, support causes you care about, or create generational wealth, the decisions you make today in your retirement plan will shape those opportunities tomorrow.

Let National 401(k) / 403(b) Day be a reminder to review your retirement strategy regularly with your wealth advisor. After all, the best wealth strategies aren't just about accumulating more; they're about preparing wisely, so you can enjoy the rewards of your hard work with confidence and purpose.

Wagner Wealth Management has offices in Greenville, Anderson, and Oconee counties. Call us at 864-236-4706 or visit www.wagnerwealthmanagement.com to learn more about our firm.

Securities offered through Arkadios Capital. Member FINRA/SIPC. Advisory services through Wealth Management Advisors, LLC. Arkadios Capital and Wealth Management Advisors, LLC are not affiliated through any ownership.