Retirement Resolutions for Boomers

Most Americans usher in the New Year with champagne. And sometime after (or before) the bubblies, come the New Year’s resolutions to either save more, lose weight, or quit a vice like smoking. The tradition is no different for Boomers, but Carl Edwards a Chartered Financial Consultant say their resolutions should include implementing these three vital elements to help make their retirement dreams blissful and golden.

1. Get an annual financial check-up
Hopefully people nearing retirement have already begun planning and have a financial advisor on retainer already. Although you should be meeting with your advisor on a regular basis, Edwards says if you aren’t, you should meet with them at least once, preferably at the onset of the New Year. The beginning of the year is a great time to start with a clean slate and to make sure you are off on solid financial footing. That way if there are any problems you’ll have the opportunity to nip it in the bud early in the year.

“While many individuals should be meeting more regularly with their financial advisor, everyone should have at least the minimum of an annual visit,” Edwards advises. “Problems creep up and this is often the best way to catch them before it’s too late.”

2. Choose a mixture of low and high risk stocks and bonds
It’s important to take advantage of investment opportunities. That way as you dip into your savings, the returns from your investments will keep it replenished. But, be careful to not put all your eggs in one basket. While you may want to take your broker’s advice of getting mutual funds and stocks, you want to make sure that doing so will be beneficial to you. With that in mind, choose a diverse and healthy mix of low and high risk investment opportunities.

“Find an advisor this year who knows the benefits of each of these products, but who also knows the value of how they work together,” Edwards says. “Diversification is important and it may include each of these products along with other assets such as individual stocks and bonds, Certificates of Deposit (structured and fixed), Business Development Companies, Real Estate Investment Trusts, precious metals, and numerous other investments.”

3. Stay on top of your investments
Edwards says it is vital to evaluate and rebalance your investment portfolios, especially after the lows the market encountered in March of 2009.

“While equity portfolios have risen significantly since that time, other areas of our portfolio may not have fared so well, leaving our risk levels in need of adjustment,” Edwards says. “It is often a good idea to capture some of those hard-earned gains. You never know – the next major pullback could be just around the corner. Be prudent!”

About the Author:

Monica Victor is a copywriter for consolidatedcredit.org. Her writings seek to help consumers successfully manage their hard earned dollars and cents, encourage folks to live debt-free and to improve or otherwise maintain a healthy financial outlook.