You earned it; now go enjoy it. But here's something no one ever told you about retirement: It's not the finish line. There are decades of decisions yet to be made, including how to preserve (and prudently invest) your savings, how to spend it wisely and how to make the most out of the new world of retirement.
With increasing life expectancies, you could conceivably spend 20 to 30 years in retirement. You want to ensure your accumulated assets continue to work for you, providing a regular stream of income. Your portfolio will likely be more conservative than ever. While this typically means a heavy weighting in bonds, you do not want to abandon equities, which provide the best means to keep your portfolio growing ahead of inflation. Being too conservative, particularly in today's low-interest-rate environment, can be as risky as being too aggressive.
When you’re starting out, your first thought about retirement is probably...that it's very far off. It's not easy to imagine what your life may be like in your 70s, but you’ll thank yourself later!
As your responsibilities grow in your career and personal life, retirement planning may be in the back of your mind. There is still plenty of time if you get serious about saving right now.
Preparing for retirement is about keeping what you've saved, maximizing your benefits and making plans.