Five portfolio to-do's for retirees at midyear

It's as good a time as any to check up on asset allocations, mandatory RRIF withdrawals and other retirement income strategies.

Christine Benz 27 July, 2018 | 5:00PM

Managing a portfolio in the years leading up to retirement doesn't require a lot of magic. If you save enough of your salary and invest those savings in even a semi-sane investment mix, you'll have a good shot at amassing enough for a comfortable retirement.

Shepherding a portfolio through retirement, by contrast, is inherently more complicated. You have to make sure that you're not spending more than is prudent and that your investment portfolio appropriately balances safety and growth potential. Ideally, you'd also stay attuned to pulling your withdrawals from the right account types to help keep your taxes down. And those are just the headline jobs: You also have to think about required minimum withdrawals from registered accounts, estate planning, your CPP strategy and how you'll shoulder long-term care costs if they arise. That's a lot.

For those reasons, portfolio checkups for retirees necessarily should be a little different--and more in-depth--than a portfolio review that an accumulator might undertake. If you're a retiree checking up on your portfolio after 2018's volatile first six months, here are the key items to have on your dashboard.

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About Author

Christine Benz

Christine Benz  Christine Benz is Morningstar's director of personal finance and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide to Mutual Funds: 5-Star Strategies for Success. Follow Christine on Twitter: @christine_benz.

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