Fall is a season of change. As the weather gets cooler and the leaves on the trees start to change color, it’s a reminder that winter is around the corner. You may be refreshing your winter attire or making plans for the winter season. In the same way you adjust for a new season, you should revisit your retirement strategy to make sure it’s on track with your goals so that you can cover any unexpected cost that comes your way. Follow this simple checklist to get started.

• Review Your Risk Tolerance

Your risk tolerance refers to how much of your finances you are willing to risk for higher gains. Based on your retirement timeline, your risk tolerance changes over time. So, making sure that your portfolio is up to date and is meeting your needs is important for maintaining a stable retirement.

• Adjust Your Portfolio Holdings

If you’ve reviewed your risk tolerance, you may have found that your portfolio is too risky or too conservative based on your financial goals. The next step is to adjust your assets so that it aligns with your financial goals. But that’s easier said than done – financial professionals are a great resource to make sure you don’t make mistakes in adjusting your financial plan

• Know Your Timelines

You may have a general understanding of when you will retire and when you will use certain income sources to support your retirement. But sometimes, things change that may affect your timelines. Whether it’s a cost that came up or a change in regulations to a retirement account, it’s important to understand your timelines as dynamic.

• Know Your Income Streams

Income is the backbone of retirement. So, have you strategized your income streams? Unlike your working years, more isn’t always better when it comes to retirement income. Because you’re using your own savings for a portion of your income, it’s important not to turn your savings into taxable income if you don’t have to.

• Refresh Your Estate Plan

It’s difficult to plan for the event of your passing, but it’s also important to make sure your loved ones and heirs have clarity in your wishes. One of the greatest gifts you can give to your next of kin is clarity in your wishes and a bountiful inheritance that won’t be subject to over-taxation or hasn’t been properly categorized and divided.

Source: SmartAsset

https://www.protectedincome.org/health-care-costs-for-soon-to-be-retirees-article/

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