Monitor the performance of your investment portfolio

Consider meeting with a retirement professional to discuss the performance of your investment portfolio and whether adjustments are necessary.

Keep an emergency savings reserve

Unforeseen expenses, like a home repair or medical emergency, can quickly derail your retirement savings. Keep an emergency fund with enough money to cover three to six months of living expenses. Emergency funds should be held in a liquid but stable account so you can access them when you need them.

Set an asset allocation appropriate for you

Adjust the asset allocation of your portfolio to ensure it aligns with your current goals and tolerance for risk. Specifically, consider reducing your risk exposure when retirement nears by choosing more conservative investments. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.

Itemize your income plan

Ensure that you understand where your money will be coming from in retirement, such as Social Security and pensions, and how your portfolio is going to generate money. Are you going to collect interest? Get dividends? How much are you going to have to sell each year to maintain your current standard of living?

Sell assets strategically

Selling any asset may have tax implications, and the proceeds could nudge you into a higher tax bracket. As you weigh the tax implications of a sale with your long-term goals, you may find that transferring assets makes more sense for your estate plan. Your Financial Advisor can help you review your options.

Talk with your partner and your family

You and your significant other should be on the same page regarding your financial portfolio. Your conversations should cover key financial details, such as:

  • Current total assets
  • How much you can afford to spend per month and annually
  • The amount you have in savings
  • Where the funds are located
  • How they are distributed

Discuss your spending. Identify what’s nonessential and what’s necessary. When you know where your money goes, you can adjust your spending in the event of financial upheaval, without sacrificing the essentials.

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