Summer is the perfect time for outdoor fun and road-trip adventures. With half the year in your rearview mirror, it’s also a good time to check in on your retirement account progress. Think of a midyear checkup as your GPS on your journey toward a more financially secure future. It can help you confirm that you’re on track toward reaching your retirement goals, identify any roadblocks and provide clear steps for moving forward.

5 Steps for Building an Emergency Fund

1. Revisit your retirement roadmap.

Before you get into a nuts-and-bolts review, reflect on your retirement goals. If you find that your needs or wants have shifted, now is a good time to make any required adjustments. For example, if you have a spouse or partner, invite them to share their goals, and then write down any new goals you may have. Discussing your big-picture vision of retirement can help ensure you’re driving toward the future you want.

2. Set your ETA for retirement.

Revisit when you plan to stop working. Setting a timeline for retirement is crucial to determining how long you have to save—and how quickly you may need to “drive” your retirement plan forward. The shorter the time before you plan to stop working, the more you may need to set aside each month to meet your retirement goals.

3. Check the gauge on your savings.

Consider whether you’re saving enough to “go the distance” through retirement. In addition to keeping up to date with your current balance, recent financial transactions and personal rate of return, you can also utilize tools like online Retirement Calculators that can help you determine what you need to reach your retirement goals.

4. Run a diagnostic on your contributions.

If you’re not as far along on your journey as you’d like to be, consider whether you’re maximizing the value of your retirement plan. This includes whether you’re taking full advantage of any employer-matching contribution that may be available and, if you’re age 50 or older, your allowable catch-up contributions. If you’re able, aim to increase your contributions by at least 1% each year until you reach the annual maximum limit to boost your savings further.

5. Fine-tune your investments.

Over time, your investing goals and objectives are likely to change. That’s why it’s important to periodically review your asset allocation. Educate yourself about the investment funds available under your retirement plan as you seek to ensure that the mix of funds in your portfolio continues to reflect your individual circumstances, including your goals, time frame until retirement and risk tolerance.

Creating an emergency fund is crucial when preparing for retirement. It’s always best to check in on your retirement plan, savings progress, and reviewing your goals to make sure you're prepared properly for any unpredicted events.