Changing Goals as Retirement Nears

Sep 13, 2023 2:18:41 PM

Making the decision to retire comes differently for everyone. Indeed, many of you plan never to retire, just as there are many more who can’t wait for the day they can finish the race, sit back, and enjoy those golden years.

Ultimately, our investment appetites will change as we get older and wiser. Just as the importance of stretching your aging ligaments and muscles becomes alarmingly clear over time, your investment approach should also stay malleable. Your investment portfolio should be built on your unique circumstances, goals, risk tolerance, and personal preference. There is no one-size-fits-all retirement plan, and going it alone can be confusing. Finding an asset manager to help you make a personalized plan and stick to it is an obvious first step - no matter how close you are to retiring.


Here are a few things to consider when preparing to make any life-altering plan regarding your financial goals.

Reassess Your Risk Tolerance

As retirement age approaches, you may feel more risk-averse because there suddenly seems to be less time for everything. There is a shorter time horizon to recover from potential market downturns, and your current income level is not a future guarantee. 

Asset Managers can help you build a diversified investment portfolio that spreads risk across different asset classes, sectors, and regions. By helping you manage your risk effectively, they aim to protect your assets by finding the balance between growth and preservation of capital.

Plan for Change

Diversification is always a goal, but as you age, it can help reduce the impacts of a fickle stock market. Making a shift towards capital preservation would be prudent as your allocations may become more conservative.

An Asset Manager will work with you to develop a comprehensive retirement plan. They will assist in creating a roadmap that may include various creative strategies for saving, investing, and managing your assets. They can also help you develop a withdrawal strategy that maximizes your income now while managing the longevity of your portfolio for later.

Monitor and Adjust

Retirement planning is not a one-time event; it requires ongoing monitoring and the ability to adjust and pivot at any time. You may be considering a shift to more income-generating investments such as dividend-paying stocks, bonds, REITs, or alternatives. These will require more diligence and stewardship, which could hinder your globe-trotting retirement travel plans.

An Asset Manager will regularly monitor your personalized investments, making the necessary adjustments to keep your goals on track.

Keep Your Emotions at Bay

We all know our emotions and biases can influence our behavior in various ways. When the markets become volatile, it is easy to panic and alter long-term plans.

An Asset Manager will assist you in making long-term plans and provide objective, evidence-backed guidance to help you avoid common behavioral pitfalls. Rational investment decisions are easier made with a team approach with your long-term goals at the finish line.


Reminder: Keep Tax Efficiency in Mind

Asset Managers can guide tax-efficient investment strategies to help minimize the impact of taxes on your investment returns. They can assist you with navigating procedures such as tax-efficient asset placement, tax-loss harvesting, and managing taxable distributions.

Getting to an age where even considering retirement is an amazing accomplishment. Your reward for enduring many years of just getting by, hard work, sacrifice, and savvy investing is exciting but may bring on feelings of uncertainty. Finding and working with an asset manager who gets you and your goals is a positive move. They can help you navigate the complexities of retirement planning and keep you on track to realizing your goals.

Contact our trusted Vineyard Global Advisors about your retirement planning needs.

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Investment advisory services are provided through Integrated Advisors Network, LLC (“Integrated”) a registered investment advisor. Registration does not imply a certain level of skill or training. Vineyard Global Advisors, LLC is a practice group of Integrated.

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