Consider a Bucketing Approach

Apart from diversifying your investment portfolio, you should also consider making investments for short-term and long-term retirement funding.

“For retirees or near-retirees, we suggest using a bucketing approach for your investments, where you should have a mix of investments that fund spending now, soon or later — not just one big pie chart with a bunch of assets for one goal,” said Rob Williams, vice president of financial planning at Charles Schwab. “If someone is closer to retirement and needs part of their savings sooner, then that money should be invested more conservatively.”