Securing retirement is a big concern for individuals now more than ever before. Today, it seems that having sufficient income to retire on is becoming increasingly difficult for the average person. For this reason, we're going to share 3 retirement planning tips to help individuals prepare for life after retirement. 1. Make Investments Based on When you Plan to Retire Current age and expected retirement age plays a role in the type of investments individuals should be thinking about right now. For instance, the bigger the gap between today and retirement means the higher the risk a portfolio can handle. With that said, people that are young should focus on the majority of their assets being riskier investments, such as with stocks. This is because stocks generally perform better than bonds when the investment is held over long periods of time. Individuals should at least aim for 10 years or more. Similarly, older individuals should be more focused on income and preserving capital. This means making secure investments such as bonds. 2. Determine Retirement Spending Needs When it comes to retirement planning, it's important to have realistic expectations. This means that it's best practice to calculate post-retirement spending habits. This will help individuals navigate their investments as they have a better understanding of the size portfolio they actually need. For instance, if someone plans to have a certain lifestyle after they retire, such as frequent traveling and other activities, then saving for that and creating a portfolio that can also withstand the longevity of this lifestyle is crucial. 3. Assessing Risk Tolerance A strong investment portfolio is one that is diversified and addresses the concerns of risk aversion and returns objectives. Before investing, it's important for individuals to know how many risks they are willing to take to meet their retirement goals. Additionally, individuals should be clear on their investment boundaries and be comfortable with every decision that they make. This also means that they will have to spend some time noting what is necessary for them vs what is a luxury. It's a good idea to establish which investments are best kept as risk-free and which ones can be gambled with. Either way, keeping a diversified portfolio will offer the best outcome. Planning for retirement can be a stressful experience. However, the key to a successful retirement is for individuals to prepare ahead of time and make decisions now that will impact their future in a positive way. David A. Noyes and Co. is a DBA of Sanctuary Securities, Inc., Investment products and services are offered through Sanctuary Securities, Inc., Member FINRA and