Five Rules of Investing for Retirees
Top Five Rules to remember while investing if you are retired
1. Your number one goal should by to protect your investments and preserve the hard earned money you have gained, not make a mint in a short amount of time. Capital protection can include some appreciation with low risks and you must always remember that protection is the ultimate goal.
2. Be wise to the fact that they are a number of scammers out there who prey on older folks and retirees. It is a completely despicable act that continually goes on, but that is just the way it is. The fact is, some retirees are more apt to commit money to an investment that sounds great without knowing much about it than others are. Make sure you aren't one who does this!
3. Remember that the stock market is no longer your friend when you are retired. The stock market in 2008 was a perfect example of how quickly wealth can be lost in the stock market. Even if you have done very well in the market through the years you need to move into safer asset classes as you retire. The stock market has no guarantees, but volatility will always be there and that is not your friend.
4. Look toward the safest asset classes such as bonds and certificates of deposit. These are completely guaranteed and will allow you to slowly build on the money you have already made over the years. These are a good way to help you sleep better at night.
5. Always keep in mind the specific needs and goals you have financially when you are investing. Your needs change when you retire, and your investment portfolio needs to change with it. Keep your goals in line with your portfolio of assets and you will be a step ahead of the game.
Investing when you are retired can be complicated if you let it be, but using these rules will simplify the process and help make things as smooth as possible.
Published by Aaron Smith - Featured Contributor in Sports
I am a full-time freelance writer who specializes in writing about the world of sports as well as the financial industry. I write about a little bit of everything. My passion for all of these topics comes ou... View profile
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4 Comments
Post a CommentSmart article Aaron!
Thanks for sharing. Very helpful information.
Yes, good info. I fear that by the time my husband and I approach early retirement at 62, they will have raised the early retirement age. And SS may not be there anymore.
Good info for retirees, which we will all be someday. Congratulations on your Top 1000 award.