Last week, the market underwent some tumultuous changes. As the Dow dipped, many people began fearing for their investments and questioning the economy.

Baby Boomers Retirement

Nicole Mayer AIF® CDFA™ of RPG- Life Transition Specialist says, “Many investors were lulled into a false sense of security as the market was slowly improving and staying steady in recent months. However, last week’s shifting stocks reminded all of us that the market is nothing if not uncertain. That is why it is absolutely crucial to make sure that your investments are in line with your financial goals.”

Tips for ensuring that your retirement stays solid

Here are Nicole Mayer’s top tips for ensuring that your retirement stays solid even in this volatile market:

  • Don’t take a one-size-fits-all approach to your investments: Your financial adviser should tailor-make your portfolio to your specific needs and goals, and to the amount of risk you are prepared to take.
  • Beware of mindlessly following general guidelines: There are plenty of books and blogs out there that will tell you just how much risk you should take based on your age, but the reality is that those authors don’t know your unique situation. Mayer says, “Don’t simply listen to these general guidelines when creating your own portfolio. You should set your own specific goals for your future and find out what you need to do to get there – like how much you need to save and the return you need on your investments. From there, you should then build a portfolio to attempt to get the returns you need with as little downside risk as possible.”
  • Use discretion: Beware of losing money, regardless of your age! Mayer explains, “If you lose 30% in your investments when the market tanks, it doesn’t matter how old you are. Do you realize that in order to make back the 30% you lost, you will now need to earn 43% just to make back what you lost and get back to even? How long might that take you? Will you have to put off retirement or sending your kids to college?” The bottom line is that you must chart your own course and understand the investments you currently own and why.

By Nicole Mayer of RPG-Life Transitions Specialists

About RPG-Life Transition Specialists (RPG) Located in Riverwoods, Illinois, RPG-Life Transition Specialists (RPG) is a financial planning firm committed to tailoring the retirement process for each individual client and providing financial education programs for corporations.  With a 95% client retention rate over the course of 16 years, the experienced staff of financial professionals takes time to counsel each prospect and deliver a plan designed to meet each individual’s specific needs.  They have been featured in esteem publications like the Wall Street Journal and Crain’s Chicago Business.  Joshua Kadish, AIF, RFC of RPG-Life Transition Specialists co-hosts the radio show “America’s Wealth Management Radio Show” with Dean Barber on 890 AM WLS and has been named a 2012 & 2013 Five Star Wealth Manager. RPG-Life Transition Specialists is located at 2610 Lake Cook Road, Suite 250, in Riverwoods, Illinois.  They can be reached at (800) 596-0253.  Find them online at www.rpgplan.com.  Securities and advisory services offered through National Planning Corp.  (NPC), Member FINRA/SIPC.  A Registered Investment Adviser.  RPG and NPC are separate and unrelated companies.