3. Carefully Evaluate Asset Allocation
As you reach age 50 and beyond, many advisers say it’s time to start reducing the risk in your investment portfolio to protect it from market declines.
“Depending on your risk tolerance, you may want to look at adding bonds, annuities, CDs, or other safer options,” says Hylland. “As you go through your fifties, the chance of your portfolio having time to recover following a major decline will decrease. By having safe investments, you can ensure that your equity investments have time to grow and recover if needed.”