Your retirement plan is most vulnerable during the final years leading up to your target retirement date. With that in mind, it’s crucial to reconsider your desired level of risk as you start getting close.
“One of the best ways to reduce the risk of outliving your money is to reduce the risk you’re taking in your investment portfolio during those last few years,” said San Diego financial adviser Taylor Schulte. “This means allocating less to stocks and more to high-quality bonds.”
Once you settle into retirement, you can always consider increasing the risk again if it aligns with your long-term goals.
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