As your retirement age approaches, you should know how to invest during retirement to maintain the lifestyle that you want. You may have to change your portfolio allocation to reduce the amount of risk during retirement. Depending on how much you have saved, you will probably want some of your investments to be liquid, so you can access them as needed.
- Check your portfolio allocation to see if you are being too aggressive. There are times when you should have an aggressive approach to investing, but retirement is usually not one of them. During retirement, your primary goal should be capital protection, because you may not have the same amount of income you had when you were still employed. This is not always the case, so you will need to decide how conservative you can be in order to have the income you require each month.
- Make sure your expenses are covered. Since your leisure expenses will probably increase after retirement, be sure you have the income to cover the added cost. You do not want to change the way you invest during retirement to the point that you stop providing enough monthly income, so be careful when you withdraw funds to cover your expenses.
- Keep an eye on your investment portfolio during retirement. You do not want any surprises if you are depending on a certain amount of income from your investments each month. Check the stock market on a regular basis if you have some of your money in mutual funds or different stocks. You may need to sell some of these if there are developments that make you uncomfortable having these investments in your portfolio.
- Contact a financial advisor if you need some professional advice. Be sure to find out what they charge before you have a consultation. You can meet with them just once, or on a regular basis if they give you good information on profitable ways to invest during retirement.
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