How can I balance my need for growth with my need for income in retirement?

As you approach retirement, it's important to balance your need for growth with your need for income. Here are some tips to help you do so:

Consider a mix of growth and income investments: To balance your need for growth and income, consider investing in a mix of stocks and bonds. Stocks tend to provide growth, while bonds tend to provide income.

Diversify your portfolio: Diversification is key to balancing your need for growth and income. Consider investing in a mix of domestic and international stocks and bonds, as well as other asset classes like real estate investment trusts (REITs) and commodities.

Choose dividendpaying stocks: Dividendpaying stocks can provide a steady stream of income, while also offering potential for growth.

Consider annuities: An annuity is a contract between you and an insurance company, where you make a lumpsum payment in exchange for a guaranteed stream of income in retirement. An annuity can help you balance your need for income and growth.

Consult with a financial advisor: A financial advisor can help you develop a retirement investing strategy that balances your need for growth and income, based on your risk tolerance, time horizon, and other factors.