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Protect Your Retirement Income: Secure Your Portfolio in Englewood CO

Dec 11

Retirement is the time in your life when you finally switch from being self-reliant and supporting yourself to relying on society. Its important to plan your retirement & secure your retirement if you are in Englewood CO.

People, companies and governments want to make sure you have enough money so you can afford this transition and maintain a good quality of life for as long as possible. 

This is why they offer pension plans that will see them put aside some of your paycheck every month or year, which will then be used to pay for your retirement income. Today, most people rely on 401(k)s (or similar), where they set aside their own money themselves, with the added security of employer matching; annuities where a company pools together many people's savings and invests it; or social security benefits, which are paid to retirees based on how much they or their spouse have contributed over their working lives.

However, all of these have their problems. Many people find they do not have enough saved up for a comfortable retirement, especially if they retire before 65. Pension plans are often underfunded, meaning you may not get as much money as you were expecting. 401(k)s depend on the stock market and can be unpredictable; annuities can be expensive and have restrictive clauses; and social security is facing increasing deficits which may mean future retirees will receive smaller payments than those currently receiving them. One solution to this is to create your own retirement savings plan. This can be done by opening a special savings account or investing in stocks or mutual funds.

However, these schemes can be risky, and you need to take steps to protect your retirement income. The first thing you can do is make sure that a large chunk of your portfolio is allocated to safe, low-risk assets such as bonds, cash and blue chip stocks. This will help ensure that you don't lose a lot of money if the stock market takes a downturn in the years leading up to your retirement. You should also avoid investing all your money in just one place - spread it around different asset classes and geographic regions to minimize your risk.

Speak to a Retirement advisor in Englewood CO

It's also important to keep an eye on your expenses; make sure you're not spending more than you can afford, and be realistic about how much money you'll really need in retirement. Downsizing your home, for example, can free up a lot of extra cash each month. And lastly, make sure you have a solid backup plan in case something unexpected happens - like losing your job or becoming seriously ill. Having a well-diversified portfolio is one key to protecting your retirement income, but it's not the only thing you need to worry about. Stay vigilant and proactive and you'll go a long way towards ensuring a comfortable retirement.