Don’t put all your eggs in one basket. You’ve heard that one before and hopefully it’s a mantra you’ve adopted when talking with your clients. In a recent survey, we reached out to boomer clients to get an idea of how they are ensuring they have a diversified retirement. Highlights of their responses are posted below. If you have insight on how you work with your clients to diversify their assets, please add them to the comments section.
How do you ensure your retirement accounts are diversified?
Once a year, we get together with our financial planner. We review everything: beneficiaries, holdings, taxes. Then, after we’ve got a big picture of where we are, our planner gives us his recommendations of whether to increase our bond holdings or what have you. Usually, it’s just a couple of percents, but he says it’s important to do it, so we do it.
We thought we were well diversified. We’d been going off of a recommendation we had received a decade ago. But then last year we moved and got a new financial person who told us we needed to change some things. I guess the previous plan was based on a certain life expectancy—85, I think—that was out of date. Now, thanks to modern medicine, I have to plan to live to a 100-and-something (yippee!). I don’t know how I’m supposed to pay for that.