Jun 26, 2019
This week, I’m talking about the danger of retiring during a recession. The problem with retiring during a recession is that your investment portfolio will also likely drop - 10, 20, or even 30% or more, which can derail your plans for retirement.
Today, I’m sharing with you the best piece of advice I can give you right now - which is to look seriously at rebalancing your portfolio now. And I mean now. Seriously, do it now if you have too much in stocks. I’m not messing around, here. The stock market is near it’s all time highs. And as I tell clients all the time, the point of maximum optimism is also the point of maximum risk.
A lot of people get into trouble because they are close to retirement, yet they haven’t rebalanced their portfolio and they are still 80, 90, or even 100% in stocks. Yes, the stock market could continue to go up from here, but now is the time to re-balance your portfolio to ensure you have the right mix of stocks and bonds for your age and proximity to retirement.
If you want to know the mix of stocks that we recommend for our clients by age, you can email me and I will send you our age-based asset allocation cheat sheet. It’s a guide to what your stock and bond mix should be for your age, and it’s the foundation that we when building portfolios for all of our clients.
Just shoot me an email - ashleym@truenorthra.com. That’s a-s-h-l-e-y-m@truenorthra.com and I’ll send you your free age-based asset allocation cheat sheet, to help you determine the right mix of stocks and bonds for your portfolio.
That’s it for today! Thanks for listening.
My name is Ashley Micciche and this is the One Minute Retirement Tip.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance, wealth management, fee only financial advisor, financial planner, retiring soon, retirement concerns, recession