FINANCIAL FOCUS: Financial Moves for Non-retiring Baby Boomers

Edward Jones

Deciding what to do about Social Security isn’t the only move you need to make if you work during your “normal” retirement years. You’ll also want to contribute as much as possible to your IRA, 401(k) or other employer-sponsored retirement plan. During these years, with your children grown and your mortgage possibly paid, you may have more investable income available — so take advantage of the opportunity.
You’ll also need to carefully review your portfolio to help ensure your investment mix is appropriate for your needs. To stay ahead of inflation, you’ll still need to invest for growth, but since you’re not that far from retirement, you’ll also want to control risk and volatility as much as possible.
Furthermore, you’re at the time of life when you may want to consider consolidating your investment and retirement accounts. If you have an IRA here, a 401(k) there and another account someplace else, you have a lot of paperwork to keep track of, both during the year and, especially, at tax time. But even more importantly, with all your accounts scattered, you might not be following one central, unifying investment approach — an approach that could help make it easier for you to pursue your long-term goals, including a comfortable retirement. By consolidating your accounts with one company, you can save time and possibly reduce administrative fees — while your accounts can work in harmony on your behalf.
This may be a good time to consult with a professional financial advisor — someone who can help you make those choices that can help provide you with the freedom to spend this next phase of your life doing as you please. After all, you’ve earned it.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.