As you near retirement, you may feel pressured to make hasty investment decisions in an attempt to make up for an insufficient nest egg. You may end up taking on more risk than you’re comfortable with. Before you invest, take some time to understand the investment and the risks associated with it. Make sure it fits with your financial goals.
Many people turn to a financial adviser for help. An adviser can help you set goals, build a financial plan, choose investments, track your progress and make adjustments when needed. You can also look to an adviser for answers to your questions about investment products and strategies.
Many elderly family members want to remain financially independent. But if they haven’t adequately planned for their health care and other financial needs, they may need your support.
- Organize your financial records, including brokerage statements, bank records and insurance documents. You will need this information to build a plan.
- Create a realistic budget and control your debt.
- Start retirement planning early. Review your investments in relation to your financial goals and risk tolerance. Make any necessary adjustments.
- Evaluate your investment knowledge and experience. Consider working with a financial adviser if you want expert guidance.
- Find out if your financial adviser is registered to sell investments or provide advice.
- Learn about common investment scams and how to protect yourself.