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Thoughts on Preparing Financially for Retirement - ainvest.com
As suggested in an earlier post, seniors thinking about how they’ll survive financially in their retirement years is casting a pall on those “golden years.” And to put a finer point on the issue, an article posted by ainvest.com suggests that, given Social Security’s uncertainty, retirees will need to plan for a wealth level that would ensure a monthly income of $6,000 to cope with the ravages of inflation. The article further suggests that a retirement portfolio value of $1.8 million would be required to meet this income challenge.
Recognizing that accumulation of a portfolio this size might appear daunting, the article offers several suggestions to achieve that goal. For example, investment diversification to combat inflation is one approach, while adopting a “glidepath” approach to investing, where strategies are shifted from move risk from aggressive to conservative over time, is another. The use of tax-advantaged vehicles is also cited in the article, and these have been substantially enhanced via the SECURE 2.0 changes now in effect,
Read the full article here…