For those in or near retirement, the risk of holding any single stock is simply too high. As fabulous as Apple and Google and Amazon have been, they have had declines of as much as 80% at various times. Like those junk bonds, you do not want to have to tap into these when they have fallen that much.

5. Pivot from saving to spending. This is trickier than it sounds, especially during times of turmoil in the markets. The key to this is as much managing your money as your mindset.

We have seen recent retirees become paralyzed when it comes to spending their savings. Surprisingly, underspending can be a larger issue for retirees than is living beyond their means.

Software programs can help. Every financial adviser uses these to determine how much can comfortably be spent each year. You can also find retirement calculators online that do something very similar. Use them.

You traded decades of your life on the job in return for the chance to enjoy your retirement. Do it right and the tradeoff will have been well worth it.

This column was provided by Bloomberg News.

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