Recently my oil indicator light in my car blinked on, confronting me with a critical decision — take care of it immediately or risk serious damage. Ditto when brake or coolant warning lights flash on. And then there are the less sinister indicators, such as airbag and seat belt lights. The dashboard is really a communication device that keeps you informed about the condition of your vehicle.
In the same way, IRA statements serve as a dashboard for your retirement vehicles because they provide critical information about how well your investments are functioning to move you toward your financial goals. And while it’s virtually impossible to ignore a red warning light on your dashboard, it’s easier to overlook or delay reading your account statements. But don’t do it — ignoring your statements could prove much more costly than engine damage.
Read more about IRA statements here.
Tom Rowley is Invesco’s Director of Retirement Business Strategy.
Invesco Dirstributors, Inc., July 2014.
