In Your 60s? 3 Retirement-Planning Mistakes to Avoid
Your 60s are the time to start really buckling down and planning for retirement. After all, there's a good chance that milestone is right around the corner. And if you manage to steer clear of these big mistakes, you'll avoid some of the financial stress so many seniors ultimately wind up with.
You'll often hear that as retirement nears, it's a good idea to move away from riskier investments, like stocks, and instead load up on safer ones, like bonds. But that doesn't mean you should rid your portfolio of stocks completely. Quite the contrary -- you'll need stocks in your portfolio to keep generating investment growth for you during retirement, so don't unload all of them just yet. In fact, as a general rule, once you reach your 60s, you should still have about 50% of your assets in stocks.
Now there's wiggle room with that percentage depending on your specific age and personal appetite for risk. For example, if you're in your late 60s, you may feel more comfortable having more like 40% of your portfolio in stocks, and if you're in your mid-60s but have a higher risk tolerance, you may decide to keep 60% or 65% of your portfolio in stocks. The point, however, is that you shouldn't rush to get rid of stocks anytime soon.
Source Fool.com
