Why Your Retirement Portfolio Must Always Evolve, Ep #128

<p>When I help a client craft a retirement plan, we want to make sure it lasts at least 30 years, (based on average life expectancy). A lot can change over a 30-year time period, right? So in this episode of the Retirement Made Easy podcast, I share why you can’t embrace the “set it and forget it” mentality and tell you why your retirement portfolio must change and adapt with your changing needs and goals. </p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[0:28] What makes you more likely to achieve goals?</li> <li>[5:55] Check out RetirementMadeEasyPodcast.com!</li> <li>[6:53] Why you can’t apply “set it and forget it” to investing</li> <li>[10:07] Don’t forget the purpose of investment account(s)</li> <li>[12:46] You must adapt because change is inevitable </li> </ul> <h2>Why you can’t apply “set it and forget it” to investing</h2> <p>Years ago, my mom bought a rotisserie cooker. The brand’s catchphrase was “Just set it and forget it.” That’s not how it works for retirement planning. You can’t “set it and forget it” with your investment portfolio. Why? </p> <p>Because it needs to last 30+ years of retirement. In 30 years, there will be tax law changes. Interest raises will rise. Your income needs may change. You may need to withdraw more (or less). As you get older, your risk tolerance may be lower. </p> <p>How you design your portfolio largely depends on your goals for retirement. Those will likely change as you get older. So how you invest your portfolio will need to adjust based on your changing needs. </p> <h2>Don’t forget the purpose of investment account(s)</h2> <p>The purpose of a retirement account is to leave behind a legacy for children or loved ones or, it’s to help fund your retirement years. Usually, it’s a combination of both. </p> <p>If you want to travel in the first 10 years of retirement, you’ll need more income in those years. Your portfolio will need to focus on producing an income. When you’re 82, you might not plan on traveling as much. Your travel budge