Spring into Savings: How March Can Be the Best Time to Plan Your Retirement

March is not just the start of spring—it’s also an excellent time to reassess and refine your retirement strategy. With tax season in full swing, financial planning top of mind, and the opportunity to capitalize on stock market trends, March presents a unique window to enhance your retirement savings. In this article, we explore why March is the perfect time to plan your retirement, the best strategies to maximize savings, and key steps to secure your financial future.

Why March is a Crucial Month for Retirement Planning

1. Tax Season and Retirement Contributions

March falls within tax season, making it the perfect time to review tax-advantaged retirement accounts:

Max Out IRA Contributions: The deadline for contributing to an IRA for the previous tax year is typically April 15th. If you haven’t maxed out contributions yet, March is your last chance.

401(k) Adjustments: Now is the time to review your 401(k) contributions and consider increasing them if you received a raise or bonus.

Roth IRA vs. Traditional IRA: Evaluate whether a Roth IRA or Traditional IRA is the best fit based on your current tax situation.

2. Taking Advantage of Market Trends

Stock market performance in March often sets the tone for the rest of the year. Whether markets are up or down, this is a good time to:

Rebalance your investment portfolio.

Consider dollar-cost averaging to mitigate market volatility.

Diversify into different asset classes based on your retirement timeline.

3. Spring Financial Cleaning

March is an ideal time for a financial “spring cleaning.” Review your retirement accounts, consolidate old 401(k)s, and update your beneficiaries to ensure everything aligns with your goals.

Strategies to Boost Your Retirement Savings in March

1. Increase Retirement Contributions

If you received a tax refund, consider directing part of it into your retirement accounts. Even a small increase in contributions can yield significant long-term benefits.

2. Automate Your Savings

Set up automatic contributions to your retirement accounts to ensure consistency. Many employers allow you to schedule automatic increases each year.

3. Reevaluate Your Investment Portfolio

Ensure your asset allocation aligns with your risk tolerance and retirement goals. Consider working with a financial advisor if you're unsure about your portfolio’s performance.

4. Explore Catch-Up Contributions

If you’re 50 or older, take advantage of catch-up contributions. In 2025, individuals over 50 can contribute an additional $7,500 to their 401(k) and $1,000 to their IRAs.

5. Consider an HSA for Retirement Healthcare Costs

A Health Savings Account (HSA) can serve as a tax-advantaged way to save for medical expenses in retirement. Contributions grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

Steps to Take Before the End of March

Review your retirement plan and adjust contributions accordingly.

Check your Social Security benefits estimate to understand potential retirement income.

Meet with a financial advisor to discuss any necessary adjustments to your retirement strategy.

Look for ways to cut unnecessary expenses and redirect savings toward retirement accounts.