In retirement your income stream is probably considerably less than what it was when you were working. In retirement you have less options to generate new income streams or pickup full time employment. It is very important that you do manage your investments in retirement to ensure that you do not face difficulties in living.
You have worked all you life and have been saving for the day you retire. You need to make sure that all your efforts over the many years you have saved have not been in vain. The management of your retirement investments is crucial and if you take your eye off your investments and the income stream they give you, they could be gone very quickly. It is the very simple factor that in your later years you do not have time to recover from a financial loss than what you had in your younger years. Time is not on your side. It is important that you seek the best professional help you can afford. There are plenty of good ones available. Be aware of the fly by nighters whose offers sound too good to be true, that is because they are not true and they just are after your money. They do not care of the consequences you may find yourself under. v
Retirement these days can be for a considerable number of years as our life expectancy has grown. In some cases this could be for 40 years post your retirement. Not so long ago people retired on modest amounts as their life expectancy was not that long and peoples perceived needs were fewer than what they are today. In reviewing your investments an average return of 6% should be expected. With inflation running on average at 4%, this is only a 2% buffer in your funds, which is not much. The balance between having cash and investments is something you need to consider carefully, as if you have too much cash it is easy to spend but hard to accumulate. Stock investments need to be with a view that you cannot afford a loss in the investment over the medium to longer term, high risk stocks are just that, high risk and should be avoided if you cannot afford the losses. The proactive management of your retirement investment is a critical task that you need to do, as the consequences of you not doing this management could have devastating impacts on your retirement life