January 17, 2022
3 Financial Habits to Adopt Before Retirement | Smart Change: Personal Finance | wiscnews.com – WiscNews

3 Financial Habits to Adopt Before Retirement | Smart Change: Personal Finance | wiscnews.com – WiscNews

3. Rebalancing your investment portfolio annually

Finally, seniors should get into the habit of regularly reviewing their investment portfolio to ensure they have an appropriate mix of assets.

Over time, your portfolio could become too heavily invested in a particular type of asset or in a specific industry. When this happens, you could be exposed to either too much or too little risk. This is dangerous for any investor, but especially for people in or nearing retirement who may not have time to recover from losses or wait for the market to rebound in the event of a crash.

Rebalancing your portfolio involves shifting around your investments so you have the appropriate asset allocation based on your age and risk tolerance. You should get in the habit of doing this at least once per year before retirement so you don’t jeopardize the chances of your savings supporting you.

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Source: https://www.wiscnews.com/business/investment/personal-finance/3-financial-habits-to-adopt-before-retirement/article_2b09aa8c-d55f-5284-8f3a-84f03907c980.html

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