As Americans celebrated Labor Day weekend, many employees and workers probably gave thought to what they could do to “make work optional,” or retire, as soon as possible. If already retired, attention might have been given to improving their retirement income picture. After all, having enough income to maintain one’s standard of living throughout retirement is a cherished goal for most of us.
Consider these tips as a starting point:
- INVEST: To support future spending.
- UPON RETIREMENT: Reduce uncertainty about future retirement income by changing your portfolio investment objective from income growth to income risk-management.
- MONITOR YOUR STRATEGY: Can your portfolio generate the income you need in retirement while addressing the retirement risks of: 1) interest rate movements, 2) inflation, and 3) stock market downturns?
Sound complicated? Sharpen your understanding by taking a look!