Our needs, preferences and goals are continually evolving — ever changing. Because life is not static, your retirement needs and goals must be adjusted to compensate for change. One of the best ways to help ensure your investment and retirement goals are keeping pace with changes in your life is through an annual review.

Have a face-to-face planning session. During a personalized annual review, you can discuss your investment objectives and goals, and determine adjustments to your plan, if necessary. Achieving your retirement goals is a step-by-step process with many considerations, one of which should be periodic evaluations or assessments of your changing needs.

Provide the most accurate and up-to-date information possible. Painting an accurate portrait of your current lifestyle and investment scenario can be accomplished by gathering your most recent quarterly statement, current paycheck stub, most recent tax filing, and current investment portfolio or mix. Your financial advisor can use this information to identify any modifications needed for your retirement.

Assess your current financial position. Once a year, you should determine if your current portfolio has a suitable mix of investment options to meet your needs. Purchasing a home, saving for vacations, building an emergency fund — these are just a few of the choices couples face. But the change that accompanies these milestones does not mean that you have to give up your dream of a financially sound retirement.

Explore your options and alternatives. An all-too-common retirement planning strategy for people is to simply place more funds into a conventional savings account. This strategy should be weighed against the power of tax-deferred compounding found in a Tax-Deferred Annuity (TDA) or an IRA. For instance, a new job might mean a higher salary and also the opportunity to participate in new investments. Likewise, an employee who leaves the government sector for the education or not-for-profit sector might now be eligible to fund a 403(b) plan. Other investment alternatives might include a nonqualified TDA or an IRA account.

Implement strategies and follow up. At this stage in the annual review all decisions have been made and the implementation of those decisions begins. Your financial advisor can help you work out a schedule and implement the plan you have chosen, to help ensure that your goals will be met. Keeping your retirement plan up to date can help you achieve your retirement goals. A careful step-by-step review of your investment and retirement needs should keep your retirement plan on track and upwardly mobile.