3 TIPS FOR SENIORS ON THE VERGE OF RETIREMENT
START PREPARING FOR YOUR
RETIREMENT WITH THIS ADVICE FROM
A LOCAL FINANCIAL PLANNER.
Planning your financial future doesn't have to be difficult. Jayson Thornton, CFP an accountant and founder of Thornton Advisor Group, offers three simple tips for seniors who are close to retiring.
1. Be sure to budget. It all starts with a simple plan. When transitioning from the accumulation phase to the preservation stage--the decade or so prior to retirement, when planning is most important--map out your expected financial reality.
"You need to understand what your expenses and sources of income are going to be,"
Thornton says. "This is what's going to help you identify any shortfalls so that you can make the necessary adjustments."
2. Rebalance your investment portfolio. If you haven't already done so, consider shifting the majority of the money in your retirement fund from stocks to lower-return, lower-risk options.
"A person who's in the preservation stage needs to work with a financial planner who can help them adjust what they're invested in," Thornton says.
3. Look toward your legacy. Estate planning isn't only for millionaires and other high earners. It could be as simple as making sure that you have a will in place or getting long-term-care insurance
St. Louis Magazine - January 2022