When you think about your school years, whether your high school, college, or post-grad days, you’ll revisit memorable moments from when you had your whole life ahead of you. Schooling is all about providing students with the tools they need to achieve their future potential. When it comes to retirement planning, the same is true! Believe it or not, you have your whole life ahead of you in retirement as well, so make sure you’re prepared.
Revisit your Risk Tolerance
Ask yourself, is your risk tolerance reflected in your retirement portfolio? Striking a balance between high-risk and low-risk assets across sectors and asset classes that makes sense with your retirement goals is crucial. For example, a retiree may allocate a portion of their portfolio to assets to high-growth technology stocks, while another portion of their portfolio is allocated to consumer staples stocks that pay dividends. You may also want to diversify across asset classes such as real estate or bonds. Everyone’s risk tolerance is different but getting it right can be the difference between a comfortable retirement and one where you’ll need to cut a few corners.
Revisit your Income
The whole point of saving throughout your lifetime of work is to help provide you income in retirement. Well, that time is either here or not too far away. But it means you must ask different questions about your money. For instance, instead of asking how much your money can grow in value, you’ll need to ask how that money can maintain its value and pay you optimized income – either in the form of dividends, interest rates, or withdrawals from retirement accounts.
You’ll also want to consider your Social Security strategy. It’s not as simple as just reaching retirement age and receiving payments. There are reasons to take Social Security payments early or to wait to claim and receive greater benefits. You’ll want to strategize with your other sources of income to figure out what time is best for you so you can get the most out of Social Security.
The commentary on this blog reflects the personal opinions, viewpoints, and analyses of BML Wealth Management’s employees providing such comments and should not be regarded as a description of advisory services provided by West Wealth Group, LLC. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.Investment advisory services through West Wealth Group, LLC, an SEC Registered Investment Adviser. BML Wealth Management and West Wealth Group, LLC are affiliated entities. Insurance Services are offered through BML Wealth & Insurance Services, California Insurance License #0M15550.
We do not provide tax or legal advice. All individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance
The commentary on this blog reflects the personal opinions, viewpoints, and analyses of BML Wealth Management’s employees providing such comments and should not be regarded as a description of advisory services provided by West Wealth Group, LLC. The views reflected in the commentary are subject to change at any time without notice. Nothing on this blog constitutes investment advice. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is no guarantee of future returns.
Investment advisory services through West Wealth Group, LLC, an SEC Registered Investment Adviser. BML Wealth Management and West Wealth Group, LLC are affiliated entities. Insurance Services are offered through BML Wealth & Insurance Services, California Insurance License #0M15550.
We do not provide tax or legal advice. All individuals are encouraged to seek guidance from qualified professionals regarding their personal situation. Any references to protection benefits or steady and reliable income streams in this guide refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products.
