Ready to Retire
Before you retire, take the time to consider potential living expenses, taxes and how much money you will need to live. You want to be realistic with your estimates and include any plans that impact your finances like remodeling your home or traveling. Having an accurate estimate of your expenses and accounting for any unexpected items like medical bills will ensure that you don’t outlive your savings.
Shift Your Strategy
When you’re nearing retirement, your portfolio focus should shift to income, preservation of capital and continued growth. This means making changes to your portfolio to reduce risk by adding less volatile investments. Working with a BankChampaign investment professional can ensure you are on the right track for retirement.