Are you headed into retirement? Now is the time when all your hard work saving and investing for the future will pay off. But this is also a time when you need professional help managing those investments. Why? Here are five of the many reasons to add investment management to your team.
1. Retirement Investment Is Different. For the majority of your time as a retirement planner and saver, your goal has likely been growing your portfolio. To achieve that, you may have taken on risk of loss and explored new investment opportunities. However, now that you're tapping that money, your goals will shift to greater asset protection as well as dividends and income streams. This change in strategy should be overseen by a professional.
2. Your Portfolio Is Large. The year you retire, your retirement portfolio is probably the largest it will ever be. Retirement accounts are often one of the largest investments most Americans own. This opens up new possibilities and gives you access to tax and investment strategies you may not have had before. When you reach this level as an investor, you have access to top management talent and assistance.
3. Your Portfolio Needs to Be Monitored. When you can't simply put off withdrawing money from retirement accounts, you have less room for error. In addition, your risk levels, financial needs, and portfolio size all change over the course of retirement. This calls for more careful monitoring of your investments on a more frequent basis than you generally do when still in the saving stage.
4. Retirees Have Other Priorities. As you move from one chapter of your life into another, your priorities and interests will change. Instead of sitting at a desk all week, you may go out and enjoy the outdoors, travel extensively, spend time with grandchildren, or even start a side business. All these new changes can make it hard to keep sufficient tabs on your investments. Why not outsource the work instead?
5. New Opportunities Should Be Vetted. Because you have less room for error with investing choices, you must choose carefully when exploring new opportunities. You don't want to jump at every new thing on the market, especially if it's not something you understand well. But at the same time, you need to take on some new risks in order to avoid outliving your money. A professional can help you learn about and choose the right new ideas.
Want to know more about how an investment management service can help you protect and grow your retirement accounts? Start by meeting with an experienced manager in your area today. They can provide more information about investment management.