Putting your investing on autopilot is often a useful strategy when you are accumulating assets, but as you approach retirement, your portfolio could likely benefit from regular monitoring and these adjustments.
The Rule of 25 is far from perfect, but it can be a good way to get a rough figure on the size of the nest egg you will need for retirement.
These items may not be appealing but can be beneficial when incorporated into your retirement plan. Even if you decide against using these strategies it would be prudent to explore their potential benefits.
The thought of investing in the stock market can seem intimidating but following a systematic process to begin or resume investing in the stock market can be a useful way to increase your equity exposure over time. The stock market exposes you to additional risks but when these risks are managed appropriately, it can provide you a greater chance of funding your long-term goals.
We have no idea what your future in retirement will hold or what the economy will look like but the core principles and saving, investing, and prudent preparedness will remain the same.
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Western Reserve Capital Management is a fiduciary Hudson-based financial advisory firm. As certified financial planners, we help with investments, tax planning, and retirement income.