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Also, they must stay informed about any possible policy changes, such as tax adjustments or healthcare reform.
Here are seven ways financial planners like Miser are guiding their clients now that Trump won.
Focus on tax legislation affecting retirees on how they save and access their savings, he said.
These will be important when deciding to secure your money and what vehicles to use.
They might want to consider investments that offer growth or automatic cost-of-living adjustments that are guaranteed.
These guarantees often exist in fixed-indexed annuities, and act as a hedge against rising prices in retirement.
Consider reducing exposure to highly volatile stocks or bonds sensitive to rate hikes and inflationary pressures, Miser said.
Conversely, you might look into inflation-protected securities, like Treasury Inflation-Protected Securities (TIPS).
Retirees may need to adjust their portfolios to include more inflation-protected or dividend-paying assets.
Build Liquidity
Miser suggested retirees have enough liquidity in their savings to cover unexpected expenses.
Having cash set aside can prevent you from having to sell investments during a market downturn, he said.
Open a Health Savings Account
Medicare and healthcare costs are significant concerns for retirees, Miser said.
Retirees should look into healthcare plans, including Medigap policies, to ensure theyre adequately prepared for potential changes.
Eligible people can also open ahealth savings account(HSA), which offers triple tax advantages.
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