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14 promises to protectSocial Security.
Here are some moves baby boomers might want to make before Trump takes office again.
Also, seethree changes that could be coming to the economy in the next four years.
Diversify
Typically, those who reach retirement age are well diversified to hedge against risk.
Consider adding positions in alternative assets like real estate, commodities and cryptocurrency, but dont overdo it.
Keep alternatives to no more than 10% of your portfolio.
Watch Inflation
Inflation was a major theme for both candidates during the presidential race.
Many economists see Trumps tariff policies, if enacted, as inflationary.
That includes Carlson, who advised boomers to prepare for this possibility.
As far as investments, he suggested considering inflation-protected securities like TIPS (Treasury Inflation-Protected Securities).
And dont forget about the grocery bills either.
Id recommend stocking up on essentials when prices are low, which saves you a bundle later.
For your stock portfolio, consider increasing defensive positions.
Blue chip dividend-paying stocks will decrease the volatility of your portfolio, he said.
Consider dividend growth exchange-traded funds like VIG and DGRO.
For the bond portfolio, stay in short-duration maturities.
You should have somewhere between three to six months of cash or near cash reserves for emergencies.
It basically includes having a mix of savings and investments that can adapt to changing circumstances.
Schiffman also suggested creating a bucket list of sorts, this one to organize your finances.
Use a three bucket strategy to divide your assets between short-, intermediate- and long-term needs, he said.
This will help you stay the course.
Refill buckets as needed from longer dated assets.
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