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Investment risk and market risk is one of the most important topics to address when building your retirement plan. There are no “do-overs” in retirement and the wrong investment strategy could be devastating.
Most importantly, when you engage in investing, don’t panic: Keep in mind that historically financial markets are cyclical. What goes up must come down and vice versa. That being said, we must remember that while long term, markets go up, corrections can be devastating depending on timing and severity. In fact, over the past 50 years, the average bear market saw major index averages drop 42% from their high.
Meet with your financial advisor as often as required to ensure that you’re working toward your goals. You should be able to articulate your investment strategy and feel confident your advisor understands it, so you can select the best investment options to match your tolerance for risk and to help reach your goals.
Don’t forget to look at the big picture—all your assets—not just retirement assets. Stock options, pension benefits, annuities, real estate holdings, life insurance cash value and more will add to your net worth. In fact, effective retirement plans take a holistic approach that includes all your assets, your health, your family dynamics and your legacy goals.
You and your advisor may need to re-evaluate and possibly make adjustments based on your current asset allocation and portfolio performance. As you continue the journey toward your financial goals, always keep the end in mind. Remember that you have graduated from the accumulation stage of life to one of protection and preservation of assets. Make certain you have enough “safe” money to protect you from a major market reversal.
Just as important as having a strategy or philosophy of investing, it’s critical to have a plan for your portfolio. A solid investment portfolio is driven by a plan that considers investment goals, time frames and risk tolerance. These considerations determine the types of investments that are right for you.
To discuss your long-term investment objectives or if you think you and your friends could benefit from our approach to strategic investing, Contact Franklin Retirement Solutions today
Because we are independent advisors, our team is free to choose the most appropriate investment vehicles to meet your needs. The recommended combinations provide you with broad diversification for your assets, which can offer protection against market volatility.