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      • Investing in Your 60s and Beyond

      Investing in Your 60s and Beyond

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      Insights from experienced financial professionals.

      Once you are in your 60s, you are likely to focus less on growing your retirement funds than answering, "When do I retire?" And once you crack open your nest egg, how should you allocate its contents? The answer often lies in a substantial shift in your investment strategy. Here are some ideas for investing in your 60s and beyond.

       

      Preliminary Questions

      Before you settle on a plan, you need to be able to answer a few questions. These include:

      • How long do you need your savings to last, and how long are you likely to live?
      • How many years might you be in retirement?
      • What are your expected annual expenses in retirement?
      • What is your non-invested income, such as pensions, Social Security, and annuity payments?

      By having an idea of how much you need in retirement and how much income you may expect to receive outside of your investments, you then calculate how much you need to withdraw from your retirement funds.

       

      Allocating Your Retirement Assets

      Everyone's safety threshold is different—but most people appreciate having a balanced portfolio of CDs and high-yield savings accounts with stock holdings. However, a too-conservative portfolio may not earn enough to outpace inflation, while a too-aggressive portfolio might leave you vulnerable to sudden market drops.

      There are a few different ways to approach this. One of the most popular ones is the "glide path" strategy.1 Subtract your age from 100, and that is the proportion of assets you should have in stocks. So, for example, a 40-year-old would want at least 60% of their portfolio in stocks; a 70-year-old would want no more than 30% of their portfolio in stocks. The remainder of the portfolio's allocations might be to bonds, CDs, money-market accounts, or other assets.

       

      Planning Withdrawals from Your Accounts

      Once you become a certain age, you are subject to the required minimum distributions (RMDs).2 These are annual minimum distributions you must take from a traditional individual retirement account (IRA) and 401(k) plans. The Secure Act 2.0 increases the age that RMDs begin to age 73 for individuals who turn 72 on or after January 1, 2023. Also, a person who is 72 in 2023 is not required to take an RMD for 2023. Because RMDs increase your taxable income, many approaching 73 might benefit from working with a financial professional to manage their tax liability or reallocate withdrawals into other accounts.

      But before RMDs become an issue, you may still need to make regular cash withdrawals from your retirement accounts. Some accomplish this by withdrawing a flat 3% of their initial balance each year, adjusting for inflation. Depending on the investments in the portfolio, these modest withdrawals may maintain or permit your portfolio to grow from year to year.

      Whatever system you choose, it is important to be consistent. However, if a particular method is not working for you, switching to something that does is fine. A financial professional may help you evaluate where you are, discuss your goals and expectations, and design a plan to help manage resources.

       

       

      Important Disclosures:

      The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

      Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

      This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

      All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

      This article was prepared by WriterAccess.

      LPL Tracking #1-05361931

      Footnotes

      1 Glide Path

      https://corporatefinanceinstitute.com/resources/wealth-management/glide-path

      2 Retirement Plan and IRA Required Minimum Distributions

      https://www.investopedia.com/secure-2-0-definition-5225115

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      Key Financial Terms

      Alpha
      Alpha is a coefficient that measures risk-adjusted performance, factoring in the risk due to the specific security rather than the overall market. A high value for alpha implies that the stock or mutual fund has performed better than would have been expected given its beta (volatility).

      Bond
      A bond is evidence of a debt in which the issuer of the bond promises to pay the bondholders a specified amount of interest and to repay the principal at maturity. Bonds are usually issued in multiples of $1,000.

      Commodity
      A commodity is a physical substance or raw material, which is interchangeable with another product of the same type and which investors buy or sell, usually through future contracts. The price of the commodity is subject to supply and demand.

      Derivatives
      Derivatives are financial products, such as futures contracts, options or mortgage-backed securities. Most of derivatives’ value is based on the value of an underlying security, commodity or other financial instrument.

      Exchange-Traded Fund (ETF)
      An exchange-traded fund (ETF) is a marketable security that tracks a stock index, a commodity, bonds or a basket of assets. ETFs differ from mutual funds because shares trade like common stock on an exchange. The price of an ETF’s- shares will change throughout the day as they are bought and sold.

      Futures Contract
      A futures contract is a standardized, transferable, exchange-traded contract that requires delivery of a commodity, bond, currency, or stock index at a specified price, on a specified future date. Unlike options, futures convey an obligation to buy. The risk to the holder is unlimited and because the payoff pattern is symmetrical, the risk to the seller is unlimited as well.

      Generation-Skipping Trust
      A generation-skipping trust is a type of legally binding trust agreement in which assets are passed down to the grantor’s grandchildren, not the grantor’s children. The grantor’s children skip the opportunity to receive the assets to avoid the estate taxes that would apply if the assets were transferred to them.

      Hedge Fund
      A hedge fund is an alternative investment that uses pooled funds that employ numerous different strategies to earn alpha for their investors. Hedge funds may be aggressively managed or make use of derivatives and leverage in both domestic and international markets with the goal of generating high returns. Hedge funds are generally only accessible to accredited investors as they require less SEC regulations other than funds.

      IRA
      A traditional IRA is a retirement account in which contributions are deductible from earned income in the calculation of federal and state income taxes if the taxpayer meets certain requirements. The earnings accumulate tax deferred until withdrawn, and then the entire withdrawal is taxed as ordinary income. Individuals not eligible to make deductible contributions may make nondeductible contributions, the earnings on which would be tax deferred.

      Joint Tenancy
      Joint tenancy refers to co-ownership of property by two or more people in which the survivor(s) automatically assumes ownership of a decedent’s interest.

      Key Rate
      The key rate is the specific interest rate that determines bank lending rates and the cost of credit for borrowers. The two key interest rates in the United States are the discount rate and the Federal Funds rate.

      Lump-Sum Distribution
      A lump-sum distribution is the disbursement of the entire value of an employer-sponsored retirement plan, pension plan, annuity or similar account to the account owner or beneficiary. Lump-sum distributions may be rolled over into another tax-deferred account.

      Mutual Fund
      A mutual fund is a collection of stocks, bonds, or other securities purchased and managed by an investment company with funds from a group of investors. The return and principal value fluctuate with changes in market conditions. It’s important to consider investment objectives, risks, charges and expenses carefully before investing.

      Net Asset Value
      Net asset value is the per-share value of a mutual fund’s current holdings. It is calculated by dividing the net market value of the fund’s assets by the number of outstanding shares.

      Options
      Options are financial derivatives sold by an option writer to an option buyer. The contract offers the buyer the right, but not the obligation, to buy (call option) or sell (put option) the underlying asset at an agreed-upon price during a certain period of time or on a specific date. The agreed upon price is called the strike price.

      Price/Earnings Ratio
      P/E ratio is the market price of a stock divided by the company’s annual earnings per share. Because the P/E ratio is a widely regarded yardstick for investors, it often appears with stock price quotations.

      Qualified Retirement Plan
      A qualified retirement plan is a pension, profit-sharing plan or qualified savings plan established by an employer for the benefit of its employees. These plans must be established in conformance with IRS rules. Contributions accumulate tax deferred until withdrawn and are deductible to the employer as a current business expense.

      Risk Averse
      Risk averse refers to the assumption that rational investors will choose the security with the least risk if they can maintain the same return. As the level of risk goes up, so does the expected return on the investment.

      Security
      A security is evidence of an investment, either in direct ownership (as with stocks), creditorship (as with bonds), or indirect ownership (as with options).

      Trust
      A trust is a legal entity created by an individual in which one person or institution holds the right to manage property or assets for the benefit of someone else. Types of trusts include: testamentary trust, which is established by a will that takes effect upon death; a living trust, which is created by a person during his or her lifetime; a revocable trust; and an irrevocable trust, which is a trust that may not be modified or terminated by the trustor after its creation.

      Unconventional Cash Flow
      Unconventional cash flow is a series of inward and outward cash flows over time in which there is more than one change in the cash flow direction. This contrasts with a conventional cash flow, where there is only one change in cash flow direction.

      Volatility
      Volatility refers to the range of price swings of a security market over time.

      Withdrawal Penalty
      A withdrawal penalty is a penalty incurred by an individual for early withdrawal from an account locked in for a stated period, as in a time deposit at a financial institution, or for withdrawals subject to penalties by law, such as from an IRA.

      X
      X is the fifth letter of a Nasdaq stock symbol and indicates the listing is a mutual fund.

      Yield
      Yield is the amount of current income provided by an investment. For stocks, the yield is calculated by dividing the total of the annual dividends by the current price. For bonds, the yield is calculated by dividing the annual interest by the current price. The yield is distinguished from the return, which includes price appreciation or depreciation.

      Zero-Cost Strategy
      Zero-cost strategy refers to a trading or business decision that does not entail any expense to execute. A zero-cost strategy costs a business or individual nothing while at the same time improves operations, makes processes more efficient or serves to reduce future expenses. As a practice, a zero-cost strategy may be applied in a number of contexts to improve the performance of an asset.

       

       

      Source: The ABCs of Financial Terminology by LPL Financial