Retirement requires careful planning to avoid costly mistakes. One common error is improper asset allocation as you near retirement age. Adjusting your portfolio mix of stocks and bonds is crucial to balance risk and reward. While bonds may offer stability, investing in stocks can significantly boost long-term returns. A guideline is to subtract your age from 110 to determine the percentage of your portfolio to allocate to stocks. Finding the right balance is key to protecting your financial future. Additionally, maximizing Social Security benefits could provide a substantial boost to retirement income. Join Stock Advisor to learn more strategies.

Read more at Nasdaq MarketSite: This 1 Simple Mistake Could Wreck Your Retirement Plans. Here’s How to Avoid It.