Do you remember how you felt in 2008 watching your investment portfolio decline?
Most folks do. It wasn't a happy time, especially for retirees. Many saw their portfolio's go south as much as half it's value!
Why do we do this to ourselves?
Is this the only way to grow assets and have security during retirement? Absolutely not!
I'm always amazed when I meet folks in their 70's and 80's who still have 80% of their portfolio in high risk stocks. Inevitably, they tell me, "well, where else am I going to get growth?" I'd like to go on record here and now by saying that, in my opinion, a 70 year old retiree needs to be more concerned with income than growth. That's why my first goal, if possible, is to reproduce the income you had when you were working in a guaranteed income stream that isn't dependent on the market, or subject to loss. That's happiness! Then, once that base is covered we'll try to grow the remainder, and perhaps take a little more risk. But the Wall Street system doesn't want you thinking that way.