You just retired. Along with a great career, you have built up a substantial 401(k) balance. It took a while, but you got the hang of investing in equities: never comfortable with the ups and downs, but always focusing on long-term growth.
You have retirement accounts in a few different places. So does your spouse. Now that you are retired or thinking of retiring you are closer to using the money, but you haven’t changed the allocation or risk level of any of those accounts.
Moreover, you haven’t met with a financial advisor to discuss your retirement goals and accounts.
However, now you need income, not growth. Over the years you owned some bonds with mixed success. Moreover, unlike your foray into equity investment, this time you cannot afford on-the-job training. You need the income now. Plus, you have less time to recover from any mistakes.
Tim is a financial advisor that has a keen understanding of interest rates and the bond market. The knowledge that is imperative when one talks about retirement income.