By coinnews 
00:00 Speaker A
What moves can you make to protect your finances amid this market uncertainty from tariffs if you’re say five years out from retirement?
00:09 Speaker B
First of all, I want to make sure you’ve taken inventory about where your retirement accounts are. So many people are still holding assets at at their former um employees and you don’t want your ex managing your money. So make sure you know exactly um how many accounts you got out there, what the balances look like, and what buckets they’re in. Whether it’s stocks, bonds, um cash, publicly traded real estate, and of course whether it’s domestic or international. So your first step is taking inventory. Mhm. To know what you have, where it is, and um if you’re comfortable with what it looks like.
00:59 Speaker A
And so, five years out from retirement, I would imagine that your risk propensity or your risk appetite is probably diminished quite substantially versus those who are further out from retirement here. So what what should a solid mix look like in some of the risk exposure that you still have in your portfolio even with some of the market pullback that we’ve seen?
01:23 Speaker B
Well, I’m going to use the it depends, but kind of bring it in some. So five years out, you’re thinking about what your lifestyle plan is going to look like. Are your expenses um increasing because you want to travel more or are they going to decrease because you’re just uh consolidating? And that’s going to determine how much you need to take out from your retirement accounts. The other question is too, do you have any other supplement accounts like brokerage accounts? Cash is going to be important as well too to give you some wiggle room so you don’t have to pull out so much from your nest egg right away. Do you still have pensions or there annuities? So the key is really knowing um how much you’re going to need to take out from your retirement portfolio, and that’s going to dictate um how much you need to really kind of think about in having cash available now to ease you through the transition or or not.
02:43 Speaker A
Now, what if you woke up, you know, one morning over the past couple weeks and you were saying, you know what, today’s the day. I’m going to hit that button. I’m going to let them know I’m planning to retire soon. And then you look at the markets. And you say, okay, well, I don’t know what my calculus should look like. What if you are considering retiring right now?
03:22 Speaker B
If you are considering retiring, you’ve already thought about it. It’s usually not a kind of, you wake up in the morning and say, okay, I’m going to do this with no planning ahead of time. So the hope is that you’ve been there, seen that before now. Mind you, these are some unusual times. So the first thing, you know, is not to panic. Go back to that lifestyle plan. Figure out if you need to make a few adjustments. Maybe it’s more of a part-time schedule you’re working on until you’re emotionally comfortable. Um and you said in terms of checking the numbers, sometimes having an advisor to kind of run the numbers will also help as well too.
04:27 Speaker A
What if you are currently retired? Actively just living your best life, coasting on what you’ve already saved up in that nest egg?
04:41 Speaker B
You’re saying, man, I know what my lifestyle is and it this inflation that’s happening sucks. You have to be real about that. And so my my hope, you know, as retirees understand that kind of 30-year decade, I mean, you know, 30 years, three decades, 20 years, and there’re going to be some ups and downs. And so maybe you don’t take that trip this year that you are accustomed to taking that cost you $5,000 to visit the grandkids. Maybe you say, okay, maybe you all have to visit us. Hmm.