How and When to Take Control of Your Retirement Investments

Friday, December 6, 2019, 6:00 AM | Leave Comment

As retirement nears, you will want to be more actively involved in managing your retirement accounts.

Knowing how much you have and what that looks like for your income after you leave work is the first place to start.

Here are some of the others things that will come in handy when you’re planning for the future.

How and when should you take control of your retirement investments?

Read on to find out.

How and When to Take Control of Your Retirement Investments

  • Focus on Diversification

    A diversified income gives you a better opportunity to maintain your security. This is because the market fluctuates. As you near retirement age, you need to be more conservative in your investments. This is because you want to have a reliable source of income month over month without depleting your accounts. Some people will factor in social security benefits. Waiting as long as possible to utilize these gives you a larger payout each month.

  • Seek Guidance

    Planning retirement can be complicated. Seeking out some guidance will help you to navigate through the process. Sit down with a 401k advisor so that you can get a clearer picture about where your finances stand. They may be able to make some recommendations in terms of where to put your money. Many of these advisors will work with you to create a budget so that you can ensure that you’ll have enough money set aside to see you through your retirement goals.

  • Determine Tax Loads

    Part of having a diversified portfolio means that you can draw from each account separately in order to reduce your tax load. You want to maintain your level of income so that you aren’t facing penalties or a higher tax bracket. Many people will choose to have multiple retirement accounts to pull from that are pre-tax in nature. This includes traditional IRAs and 401ks. For income that won’t be taxed when you pull it out, get an early start on investing in a Roth IRA.

  • Set Lifestyle Goals

    How and where you want to live in your retirement will make a big difference in how much you need to save. Traveling and other expenses can be budgeted for as long as you either start early in saving or invest in items that offer a high rate of return. Setting these lifestyle goals will give you a better idea about the kinds of things that you want and how much money will need to be set aside. You could also consider retiring abroad. Many developing countries allow you to live comfortably on much less than a US-based lifestyle requires. This can help you stretch your savings, as well as allow you to experience a new culture now that you have time to appreciate it.

Taking control of your retirement accounts means that you have a good understanding about where you see yourself in the future. Seek guidance, diversify your assets, determine your tax loads, and set goals so that you’ll be able to knowledgably control your future investments. Use these tips so that you can be prepared for retired life.

Author BIO

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. She recommends getting a 401k advisor to understand your retirement options. For more information, contact Brooke via Facebook at or Twitter @BrookeChaplan

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