Most themes on this home page text have been about planning and preparing.  As much as having a plan and being prepared is paramount, it is equally important to be flexible enough to change as it’s warranted.  The only constant in life is change.  Our financial situation, health and family circumstances may change over time. It’s critical to review your important documents such as a Living Will, Will and Trusts, plus who is named as your Health Care Proxy and who has Power of Attorney.

As far as preparing for your financial future at any age, mitigating risk based not just on your time horizon but on your risk tolerance may not be as simple as it seems.  The last few years have seen a healthy rise in interest rates on bonds, CD’s and savings accounts. This may be a comfortable space for some people to put hard earned money.  However, history has shown that putting too many assets into any one asset class increases risk over time. Inflation risk and interest rate risk may be concerning for some investor’s situations.

Of course, “the greatest risk” is simply doing nothing.  There is no reason to take unnecessary risks. If you have not planned to put the proper documents in place to protect you and your loved ones; do so! If you have done this planning, it may be time for a review.  If your investments may not be the best options to mitigate all risks going forward, then there is no time like the present to adjust things.

Peter Janowsky