Throughout the challenges of recent months, we’ve continued to safely serve investors’ needs. As we gradually reopen our offices to in-person appointments, our approach will be thoughtful and individualized to each location. Learn More
As you go through life, the role of your investment portfolio changes. This is particularly true in retirement, when your portfolio transitions from a savings vehicle to a primary means of income. Here are some important questions you might want to consider if you're nearing retirement.
Consolidating the accounts you hold at various firms or employers isn't something you necessarily have to do. But consolidating could give you a more comprehensive view of your assets, which may make executing your strategy easier, whether it's maintaining an appropriate asset allocation or having a strategic withdrawal strategy.
The amount you withdraw each year is key to ensuring your money lasts. While no single strategy will work for everyone, we recommend someone in their mid-60s start with a withdrawal rate of 4%. This starting point may need to be adjusted based on your individual needs and circumstances. Starting with a conservative withdrawal rate gives you more flexibility over time and can help you to better weather market downturns and inflation.
Now is the time take a closer look at the expenses you have today that might go away when you're retired, like commuting costs or a house payment. Then, consider new expenses you might face, like healthcare costs and travel. Make sure the budget you built when planning for retirement realistically matches your retirement "paycheck."
Evaluating your portfolio and determining your asset allocation can be complicated, and very personal, so you'll want to discuss it with your financial advisor. If you're a few years or so from retirement, reach out today to discover the actions – if any – you may want to take.
Now that retirement is right around the corner, there are lots of details to take care of.Read more
This list of questions will help you think about your retirement plans and assess whether you are ready.Read more