Investing for Your Later Years? Think Asset Preservation but Don’t Forget Growth
After years of investing for retirement, you may have accumulated a substantial portfolio. If you’re approaching or already enjoying retirement, there are important steps that you can take to help ensure that your investment plan is on track for your Golden Years.
Reassess your income needs and portfolio – A few years before a planned retirement, it’s important to know where your money will come from and how much you’ll need. Figure out how much income you will receive from Social Security, a pension plan and personal savings and investments. Weigh your anticipated income against your estimated living expenses; be sure to pad your estimate to account for unexpected events or market drops.
Hedge against inflation – Your investment focus will probably shift from growth to income in your later years. Naturally, you want to help protect your nest egg from market volatility. But that doesn’t mean moving your portfolio’s entire stock allocation into less risky holdings – like bonds and cash. People are living longer, increasing the risk that some will outlive their money. You may want to gradually shift some stock investments into more liquid, income-oriented investments.
Protect what you’ve achieved – A solid financial plan also includes estate planning to help preserve assets for your heirs. “I’m all set,” you say. “I’ve drawn up a will.” A comprehensive and effective estate plan often involves a variety of tools in addition to wills, including trusts and different types of insurance.
After a lifetime of investing, make sure that your financial plan is on target in your later years.
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