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In retirement income planning, focus on the long run. Research studies project 25% of 65-year-olds today will live past age 90, and 10% past age 95. An effective strategy anticipates income needs for decades.
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After years of waffling on a more aggressive interest rate agenda, the Federal Reserve is indicating change may be ahead. Earlier this month, a new employment report showed the U.S. added 235,000 jobs in February. With job growth, wage growth, and other indicators on the rise, the Fed decided to raise the federal funds rate – or the rate for overnight loans – to a target range of 0.75-1.0%. In turn, it will affect interest rates nationwide – from credit card rates and lending rates to mortgage interest rates and more.
This hike comes after a three-month impasse – the last time the Fed increased its benchmark rate was in December 2016. As a New York Times article noted, this is the Fed’s third rate hike since the financial crisis of 2008-2009.
Now, how can this affect retired and near-retired investors - and does it mean future interest rate hikes?
The stock market has been surging to new highs. For the first time ever, the Dow Jones exceeded 20,000 in January. Then on the heels of President Trump’s first address to Congress, it charged ahead yet again. The Dow posted a 300-point jump, closing at over 21,000 on Wednesday, March 1. These gains come at a time when market volatility has also been on the decline. In early February the CBOE Volatility Index – more commonly known as the “investor fear index” – showed investor concerns on the decline.
However, even as the market goes up many people still worry about their investments. What will the market do next? Do they own too many stocks? When the market goes down, will it be just be a spill, a correction, or a crash? For that matter, do they have too much money in other risky, market-based investments?
For people close to retirement, this brings up an important question. Should you stay with your current portfolio allocation mix, or is it time to move into a safer strategy?
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