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7 Common Retirement Planning Moves

September 16, 2021

Have you ever wondered if the money in your investment accounts will last through retirement? Here are some steps that go beyond the basics of using tax-advantaged funds and making regular contributions.

1. Review your portfolio - Conduct regular investment checkups on your own as well as with us

2. Maintain emergency savings - We recommend keeping an emergency fund with enough money to cover living expenses for six months. Keep emergency funds in a liquid account that you can easily access if needed.

3. Set an appropriate asset allocation and risk profile - Investments are fluid. Some are more volatile, but all can be affected by market fluctuations. Adjust your assets to align with your current goals and risk tolerance.

4. Itemize your income plan - Understand where your retirement funds will come from. List out all sources, such as Social Security and pensions. For each item, list how it might generate income for your portfolio.

5. Clean up and consolidate your accounts - Consider consolidating accounts. You’ll not only have less paperwork, you can help keep an eye on your asset allocation and overall investment strategy. We can talk about your choices and what might make the most sense for you. Before taking any action, speak with your current retirement plan administrator and tax professional.

6. Sell assets strategically - Selling assets can have tax implications. Proceeds could nudge you into a higher tax bracket. Balance the concern of minimizing taxes when you’re selling assets with your portfolio’s allocation strategy. Talk with us about the choices you have in this situation.

7. Talk with family - Partners and spouses should be on the same page regarding your financial portfolio. Cover some key financial details:

  • Current total assets
  • How much you have saved right now
  • How much is in each account
  • Where the funds are located
  • Your budget

Part of your plan is how you spend your money both now and when you retire. Let’s talk about it.