[DESCRIPTION: On screen text. Prudential.]

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>> Are you making smart choices when it comes to managing your retirement account?

Even if in the past, you've had to make some tough decisions regarding your retirement plan, we're here to help.

[DESCRIPTION: Seven common mistakes to avoid when managing your retirement account.]

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Let's review seven common mistakes to avoid.

Number one, not having a plan.

You'll want to decide how you want to spend your retirement to create a saving strategy that makes sense for you.

A great place to get started is with the Retirement Planner in your online account if your plan offers it.

This interactive planner will help you determine your retirement income needs, and the steps that you can take today to get closer to your financial goals.

Plus, saving with a specific goal in mind helps make it easier to stick to your plan.

[DESCRIPTION: View of the Prudential website. For illustrative purposes only, website experience may vary by plan. Goals help keep your eye on the prize.]

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Next up, number two, putting off saving for retirement.

The sooner you can start saving, the better.

This gives your money more time to potentially compound and grow.

If you're getting a late start, don't be discouraged.

Just get saving as soon as possible.

Over time, it can add up quicker than you think.

Number three, taking a loan from your plan.

Remember that your retirement account is not a bank account, it's for the long term, not the short term.

The money you borrow from your retirement savings loses its potential to grow for you, and you could have less money for retirement.

[DESCRIPTION: Taking money out equals less growth potential. Avoid taxes and penalties.]

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This could also cost more than you think in taxes and penalties if you're unable to pay the loan back.

Moving on to number four, letting emotions rule your decision-making.

Don't try to time the market or make changes based on short-term events.

Instead, consider keeping your cool during times of market volatility and continue to invest regularly in all market conditions so your investments can have the potential to grow.

Now onto number five, not understanding your investments.

When picking your investments, ask yourself what role does this product play in my portfolio?

What is my comfort level with risk?

And how long will it be until I need to access my funds?

Considering these factors can help guide your decision-making.

Remember, it's always a good practice to consult with an investment professional.

Next comes number six, not designating or updating your beneficiary.

If your beneficiary information is inaccurate, and something happens to you, it could delay getting your savings into the hands of family and loved ones.

[DESCRIPTION: Updated beneficiaries equals no delays. Keep the courts out of it.]

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And since retirement account assets aren't controlled by your will, you could end up leaving it to the courts to decide.

And finally, number seven, not considering all your options when you change jobs.

A job change does not mean you need to cash out your retirement savings.

You can usually roll over your funds into an IRA or your new workplace plan.

Consolidating into your new workplace plan offers easier account management and potentially lower costs.

Plus, by not cashing out, you can save on taxes and fees, keeping your money working hard for your future.

So to recap, these are seven common mistakes to avoid when managing your retirement account.

[DESCRIPTION: Number 1. Not having a plan. Number 2. Putting off saving. Number 3. Taking a loan from your plan. Number 4. Letting emotions rule your decision making. Number 5. Not understanding your investments. Number 6. Not designating or updating your beneficiary. Number 7. Not considering all your options when you change jobs.]

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Don't forget, we're here to help you make smarter decisions for your future.

You can always reach out to a retirement counselor for assistance if needed.

[DESCRIPTION: Schedule a one-on-one coaching session with a retirement counselor today: prudential dot com forward slash virtual coach.]

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So take a few moments to log in, check up on your account, and test drive the educational tools and resources available to you.

Visit retirement.prudential.com today and get started on making smart decisions with your retirement account.

[DESCRIPTION: Prudential. This material is intended to provide information only. This material is not intended as advice or recommendation about investing or managing your retirement savings. By sharing this information, Prudential Retirement is not acting as your fiduciary as defined by the Department of Labor or otherwise. If you need investment advice, please consult with a qualified professional. Retirement Counselors are registered representatives of Prudential Investment Management Services L L C (P I M S), Newark, New Jersey, a Prudential Financial company. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (P R I A C), Hartford, Connecticut or its affiliates. P R I A C is a Prudential Financial company. Copyright 2021 Prudential Financial, Incorporated and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Incorporated and its related entities, registered in many jurisdictions worldwide. 1046317-00001-00. NOT01_VI_RE93_01.]