3 financial habits to adopt before retirement | Personal finance

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3. Rebalance your investment portfolio annually

Finally, seniors should make it a habit to regularly review their investment portfolio to ensure they have the right mix of assets.

Over time, your portfolio could become overly invested in a particular type of asset or in a specific industry. When this happens, you could be exposed to too much or too little risk. This is dangerous for any investor, but especially for those who are retired or near retirement who may not have time to recover from their losses or wait for the market to rebound in the event of a crash.

Rebalancing your portfolio involves reorienting your investments so that you have the right asset allocation based on your age and tolerance for risk. You should make it a habit to do this at least once a year before retirement so as not to jeopardize the chances that your savings will support you.

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