Close to retirement: What about my 401K?

Updated: May. 13, 2020 at 6:01 AM EDT
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RICHMOND, Va. (WWBT) - If you are a year or two out from retirement-- you may feel overwhelmed by the economy and particularly the stock market and your nest egg.

But Michael Joyce with the Richmond Financial firm Agili says you can't start to think about your nest egg as a short term goal.

You'll still need it for many years to come.

“Even if they’re getting close to retirement I mean they may live 30 years or more in retirement. So, it is still a longer-term game,” Joyce said.

He adds that you do have to get more conservative with your money as you inch close to leaving the workforce-- but you also still need to make it last.

He says now is the time to talk to a financial advisor and really look at your risk tolerance.

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