As you age, the investments that helped you build wealth over the years may no longer fit your retirement goals. That’s when it becomes important to reassess your portfolio and shift toward strategies that prioritize stability, income and peace of mind.
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GOBankingRates spoke to Michael B., a 67-year-old retiree who ditched some investments that never made sense to his lifestyle a few years ago. Here are the three investments he got rid of for a more secure retirement.
Individual Growth Stocks
Michael’s first move was selling individual growth stocks he owned. While these stocks have helped him boost his retirement savings, the volatility became too much as he approached his golden years.
“Some days my portfolio was up thousands, and other days it was down just as much,” Michael said. “I didn’t want to spend my retirement constantly checking the markets and stressing over what the Fed might do next.”
Michael wanted something more stable, hence replacing these stocks with index funds and exchange-traded funds (ETFs).
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Cryptocurrencies
Like many investors who didn’t want to miss out, Michael had allocated 3% of his portfolio to Bitcoin and Ethereum. However, the extreme volatility made it unsuitable for his retirement goals.
“I didn’t want to miss out. I gave crypto a chance,” Michael said. “But at this stage of life, I value stability more than potential.”
He sold his crypto holdings and put the funds toward safer, income-generating assets.
Actively Managed Mutual Funds
Michael had a few actively managed funds in his portfolio, but he realized he was paying hefty fees for funds that underperformed the market. Most of these funds he had in his portfolio had an expense ratio above 1%.
“I realized I was paying more without actually earning more,” he said. “It just didn’t make sense anymore.”
He switched to low-cost index funds, which gave him broad market exposure at a fraction of the cost.
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This article originally appeared on GOBankingRates.com: I’m a Retired Boomer: 3 Investments I Ditched To Have a More Secure Retirement
