So, you’re finally retired; congratulations! You’ve worked hard to build a certain amount of wealth that will sustain you in retirement and keep you living a lifestyle you enjoy. But, like many retirees, you want to keep building wealth, whether to live more comfortably, take that vacation of a lifetime, or just have money set aside for peace of mind if something unforeseen happens. Whatever the reason, you should find a financial advisor who can offer you an investing-after-retirement strategy in Jefferson, N.C.
Follow These Guidelines
One of the first things you need to do is review your portfolio. If you have a financial advisor, it’s best to do this with them – once a year is a good guideline. They can help you determine your risk tolerance now that you’re retired. It might stay the same, but it’s entirely possible it could be different now.
Make sure that you have enough money set aside for emergencies that may come up. The rule of thumb is three months of living expenses at a minimum; some advisors recommend six months. There are even some who say a year or two’s worth of living expenses should be set aside. Of course, that’s harder to build up once you’re retired. If you’re reading this and you’re still working, try to save as much as possible for emergencies. And make sure whatever investment or savings vehicle that money is in, you can easily access it and, ideally, without paying a penalty.
Continue to generate income even in retirement. Just because you’ve retired from your primary job doesn’t mean you can’t do something part-time to keep earning income to add to your nest egg.
It’s not advisable to put money into high-risk investments when you’re retired. Instead, financial advisors who can guide you into investing after retirement in Jefferson, NC, will probably tell you to stick with things like Treasury bonds, annuities or CDs. And diversification is always a smart idea.
If you don’t understand your investments, have your advisor explain it to you.
Finding an Advisor
If you don’t have an advisor, find one that has years of experience, has a license that is in good standing and who hasn’t had any disciplinary action taken against them by the licensing agency or has unresolved consumer complaints.
Ask for references from any advisor you’re considering. Ask those referrals how long they’ve been with the advisor and how happy they are with the return on their investments. Just understand that every person has different needs and levels of risk tolerance.
That said, look for an advisor who doesn’t believe in a one-size-fits-all investment strategy. The advisor should go over every aspect of your financial portfolio. They should develop a strategy for you that considers your lifestyle and what you hope to achieve in your retirement years.
Finally, when searching for an advisor who can provide you with an investing after retirement strategy in Jefferson, NC who you are comfortable with and who speaks to you in a way you understand.