Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns.

Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations.
The following constitutes the general views of Fisher Investments and should not be regarded as
personalized investment advice or a reflection of the performance of Fisher Investments or its clients.
Nothing herein is intended to be a recommendation or a forecast of market conditions. Rather, it is
intended to illustrate a point. Current and future markets may differ significantly from those illustrated
herein. Not all past forecasts were, nor future forecasts may be, as accurate as those predicted herein.
99 Retirement Tips
 99 RETIREMENT TIPS

1. Save money, and let it work

for you. If you’re still working, sock
money away now. You may not think so,
but it’s easier to live below your means while
4.
Have a will in place now.
It’s one of those things you can so
easily put off. Don’t. Getting a will
drafted and signed is generally not costly, and
it’s the simplest document among the ones in
you’re bringing in a salary or consulting fees
than it is when you’re living on investment broad use for estate planning.
income. And while you’re still working, you

5.
can let your money work for you too. Don’t let Review the will you have
your savings wither away in cash—put it into a now. There’s no set schedule for
productive investment such as stocks or bonds. this. Whenever things change—births,
marriages, divorces, graduations, etc.—look

2.
Max out your company’s at what you wanted last time and see if you
match on 401(k), if there still feel the same. Even though you think that
is one. Don’t miss the opportunity nothing’s changed, if you haven’t looked over
to put your money in this tax-advantaged your will for three years, it’s almost certainly
retirement account. Not only are your time.

6.
contributions tax-free, but many employers will
match contributions. If this is the case, you’re Have a living will. It says
turning down free money if you don’t max your what your wishes are with respect to
contributions. your care in case you aren’t capable
of making decisions for yourself. It includes

3.
Establish a “trusted whomever you want to make those decisions
for you in those circumstances.
coach” relationship. Our

7.
clients rely on us to manage decisions
about the portion of their assets invested for Consider adding trusts to
the longer term. But there are other issues. your will. You’ll need to consult an
Some of our clients recommend hiring a expert, maybe several experts, to learn
professional financial coach; others use whether any of the variety of trusts available
“life coaches.” Still others have an attorney, is right for your situation. It’s time consuming
accountant, or a financially knowledgeable but it can be worth it. Estate planners and
friend who plays this role. No matter where specialized estate attorneys are whom our
you find one, it’s helpful to have someone you clients mention as helpful.
trust help you evaluate financial decisions.
Clients recommend finding someone among
your friends and acquaintances that will tell
you what you need to hear and not what you
want to hear. It can be a professional or simply
someone who’s knowledgeable about finance
who knows you well and you feel comfortable
with.

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8. 11.
Have a backup plan for Build a monthly budget.
your key financial person. Build a spreadsheet that shows
If one family member handles the what you must spend each
finances, make a plan for how you’ll handle month—these are non-discretionary
things in case that person passes away or (mortgage, groceries, insurance). Other
becomes incapacitated. expenses are discretionary (cruises, antiques,
golf lessons, etc.). Build your budget with two

9.
Introduce your team to levels: a.) Everything—including discretionary
spending, and b.) Bare bones—this second one
everyone who counts. Make is what you have to spend even when money
sure your spouse, adult children,
is tight. Recognize that what appears non-
and/or guardian know your team of financial
discretionary today might not be over time. You
professionals. That includes your accountant,
can, over time, change your required expenses.
money manager(s), insurance agent(s),

12.
attorney(s), banker(s), etc. In addition to
telephone or face-to-face introductions, put all Take the need to
contact information into a one-page document. finance a very long life
Review and update it yearly. Distribute it to seriously. Face it: You may
those who might need it. live a lot longer than you think. Lifespan has
increased steadily in the US over the past few

10.
Decide how much decades. In 1952, it was 68.6 years. By 2006, it
cash flow you want was 77.8 years. In fact, if you and your spouse
are 65 now, the odds of at least one of you
from your portfolio in reaching age 90 are probably much higher than
retirement. Many Fisher clients say their you think. We see this increasing longevity in
goal is to have a comfortable life and do what our clients’ ages, tenure with us and extending
they want, while not running out of money time horizons.
later in life. But how much do you really
need from your investment portfolio? Many
investors—even those about to retire, or even
those that have already retired—don’t know. If
you’re among that group, make this a priority.
Figuring out how much you really need from
your investment portfolio in retirement is a key
determinant of your investment strategy and
asset allocation, and in the event that your
portfolio income requirements are unrealistic,
it’s better to realize that now and make
adjustments sooner versus later.

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13. 16.
Don’t ignore inflation Establish an investment
in your long-term benchmark. A benchmark
planning. If you need, say, is any well-constructed market
$50,000 a year today to cover your living index (stocks, bonds or some combination of
expenses, it’ll be about $90,000 in 20 years. All both). A benchmark is your roadmap and your
your thinking about future needs should include measuring stick to plot the course to your
an estimate for inflation. While we’re enjoying a financial goals and measure your progress.
period of low inflation now, over the long term Selecting the right benchmark—and the right
it’s been about 3% per year.* The implication asset allocation between stocks, bonds, cash
of Tips 11 and 12: Don’t underestimate the or other assets—is one of the most important
amount (due to inflation) or duration (due to decisions you will make. Your investment
longevity) of money you’ll need in retirement. strategy will be driven by your benchmark, and
If you do, you may get too conservative in your once you choose a benchmark you should stick
investing and put too much of your money into with it.
stagnating-value assets.

17.
Consider passive

14. Be aware of how

biased an investor you
are. It’s difficult to invest in
equities on your own behalf. Investors typically
management carefully.
It’s a seductive idea, once you’ve
got a benchmark. It means putting all your
equity investments into Exchange Traded
Funds (ETFs) or low-cost mutual funds which
buy at the top of a market, when everybody
else is buying. Then they sell at the bottom, track your benchmark. It is a good idea if you
when everyone else is selling. It’s so common assume two things. First, that you (or any
that mutual fund investors, on average, do money manager) can’t consistently beat the
worse than the returns of the funds they market. This is a fair assumption, as very few
invest in. That’s because they buy and sell at investors (professional or not) beat the market
the wrong times. One solution is an outside, consistently over the long term. Second, you
objective money manager, which is what Fisher have to assume that you won’t abandon your
clients have chosen to do. strategy during adverse times. This is a bit
more dubious. If you’re like most investors, you

15.
If you enjoy investing, won’t stick with the strategy and instead will
end up selling after the market falls and buying
self-manage a small after it rises. This is sure to hurt your long-term
portion of your returns. Unless you’re entirely confident that
portfolio. A lot of Fisher clients manage you have the discipline to stay the course, it
a little of their money themselves. Amounts may make sense to hire a professional money
between $10,000 and $100,000, depending on manager who provides investment counseling.
the size of their total portfolio, seem to come
up a lot. The effort keeps them involved in their
portfolios, but doesn’t make-or-break their
retirements.

*Source: FactSet, Inc., as of 03/27/2020. Based on US BLS Consumer Price Index from 12/31/1925 to 12/31/2019
average annualized inflation was 2.9%.

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18.
Beware annuities.
Fisher clients tend not to have
annuities in their portfolios, and
with good reason. These complicated, difficult-
20. Don’t determine your
asset allocation solely
based on how long you
expect to live. A rule of thumb brokers
to-understand contracts favor the companies often recite is, “use your age as the percentage
that write them, not you. Annuity salespeople of your portfolio to put in bonds.” For example,
get high commissions that come straight off a 70-year-old would have 30% in equities, the
the top of your investment savings. You can balance (70%) in bonds. This is short sighted.
manage your retirement-income security needs In fact, the time horizon of a 70-year-old who
in ways that’ll cost you less. Said simply, if plans to leave most of their assets to their
someone’s going to guarantee you an income grandchildren is a very, very long time. It’s that
in an uncertain world, they’re going to charge of their youngest grandchild, which may be
you enough to ensure the odds are in their nearly a century! Most likely, this means the
favor—not yours. assets should be invested primarily in equities.

19.
The choice is between stocks, which are about
Choose a long-term growth accompanied by some risk, and bonds,
financial goal. It’s easier to which are about stability, safety and stagnating
make investment decisions when value. The longer your real time horizon,
you know the point you’re trying to get to. The the higher the percentage of stocks in your
two ends of the spectrum of long-term goals portfolio makes sense.
are a.) End your life with as much money left

21.
to pass on to heirs and selected charities as Be clear early about
possible, and b.) “Spend it down” and end with family-support limits.
nothing. Fisher clients typically are somewhere Before the issue comes up,
in between these two goals. Some describe this establish with your spouse the limits of what
as “not risking running out, but still continuing you are willing to do to financially support
with my current standard of living, and still family members. If you are willing, under what
leaving something for the next generation.” conditions are you willing? And to what extent?
Don’t make the decision ad hoc when it comes
up; you’ll be too emotional and may later regret
an impulsive decision.

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 99 RETIREMENT TIPS

22. 26.
Think through the Don’t pay down your
details of transitioning mortgage as a knee-
assets to your spouse jerk reaction. Be smart
and child(ren). Pre-visualize the about what you do with your mortgage. There is
effect of money on your heirs. How will a natural tendency to want to pay down or pay
transferring assets to your spouse or the next off your mortgage, especially at retirement or in
generation affect them, especially in the period the event of the death of a spouse. This might
immediately following the transition? Make be a good idea, but it may also cost you some
sure you’ve done all you can to manage that very useful liquidity.
period for low stress.

27.
Re-evaluate your debt

23.
Involve your children situation regularly. More
in your financial generally than just your mortgage,
decisions. It’s difficult to you need to decide what’s right for you as it
decide at what age to bring them in. It depends relates to your current/ongoing debt.
greatly on the individual child. But to the degree

28.
you can, include them. Many of our clients say Consider downsizing.
that children rise to the occasion and learn In some cases, downsizing your
from their involvement. Plus, you discover your home may be appropriate. This
children’s wishes and they see what you’re is true if the costs of maintaining a large home,
trying to do. financial or physical, are more than you’d like
to have to pay each month.

24.
Long-term care is

29.
an issue you need to Consider upsizing. You
address thoroughly. may want a home large enough
Consider the cost and impact of institutional for big gatherings of extended
or home care, which you may need sometime family. If you can see holding a larger property
in the future. Consult with your experts about for an extended period and you don’t need
whether long-term care insurance is right regular income from the investment you make
for you or not. As you consider where to live, in it, residential real estate may not be a bad
recognize you might need a long-term care investment, especially in light of the pleasure
solution too. you’d derive from it.

25.
Include long-term care
for family members in
your thinking. You’re not
done when you’ve evaluated long-term care
options for yourself. What happens in case
someone else in your family needs long-term
care? Can you and will you step in? Under what
circumstances? Plan for these possibilities too.

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30.
Review all your real
estate. Liquidate all real
estate holdings that are not
generating income or enjoyment. This seems
obvious, but there’s a hoarding instinct you may
have to overcome.

31. Think about weather.

Renting or purchasing a house in
a location where the weather is

35.
better, especially if you live in a strong winter Try city living. Some
climate, can be a great boon. Fisher clients who enjoyed
living in scenic but somewhat

32.
Consider renting. In remote locations decide to move into
retirement, your needs and cities for convenience. Having retail and
preferences can change pretty medical resources close by, plus cultural
quickly. For example, your kids can move to opportunities and friends, can make for a
follow their careers, leaving you in a location better life.
you chose to be close to them. Also, you might

36. Move closer to

not have the long time horizon required to pay
out real estate investments. You can always grandchildren, family
start by renting in a new place, and later buy in. and friends. You might

33.
have been satisfied with seasonal visits with
Living abroad can be grandchildren and children while you were
great. You can finally use your working. Once you have more time, you
language skills or pick up new might want to make this the primary factor in
ones. Maybe enjoy a very low cost of living your location choice.
that’ll stretch your dollars. You don’t have to

37.
stay there forever, either. Check on health-care Consider moving
options and whether your insurance can be to a college town.
used in your new country. Their cultural and learning

34.
opportunities often outshine much larger
One-story living could cities. If you or your spouse happens to have
be just right. As long as gone to that school yourself, so much the
you’re moving to another house better.
anyway, consider a one-story. Years from now,
you might find not having stairs would allow
you to stay in your home.

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38. 41.
Look at “active” Have a tax adviser.
retirement It’s helpful to have a tax adviser
communities. These who’s knowledgeable and
“active” retirement communities are generally trustworthy. Especially during the transition
for people 55+ or 60+. At least one member from working to retired, there are lots of issues
of the couple has to qualify, even if both don’t. to deal with that you’ve never encountered
They’re centered on common interests and before.

42.
group activities. Fisher clients often report
being very happy with their decisions to move. Develop your own
“financial services

39.
Think about full- network.” These are all
spectrum facilities. your advisers. There are a lot of disciplines
A relatively new trend among you need expertise in, and there are few
retirement communities is offering three levels do-it-all people available. It’s a good idea for
of care—independent living, assisted living and them to know each other. Fisher clients have
skilled nursing—all in a single location, with sometimes convened conference calls among
one flat monthly fee. Often, there’s an entrance all their advisers, including accountant(s),
fee, a portion of which may be returned when investment manager(s) and attorney(s) just so
you leave. These places give you flexibility and all the support people know each other and can
convenience and can be a great value. work synergistically.

40. 43.
Estimate your taxes in Conduct an annual
advance. Well before you check-in. Once you’ve
retire, plan your tax scenario. developed your network of
For example, what deferred compensation will consultants and experts, use them. Set up a
you pay taxes on and what will be left? If you’re regular schedule with them. Check in once a
thinking of selling stock to buy more bonds, year and whenever there’s any life change.
estimate the capital gains tax you’ll pay. Then

44.
estimate the taxes you’ll pay each year on the Understand and
approximate income you’ll be taking from your manage your Social
investments and any work you’d be paid for. Security benefits. The
The goal is to forecast your net “available to decision of when and how to take your Social
spend” each year. Having a good idea of the Security benefits can be one of the most
real number is an anxiety-reducer. challenging you make. There are pros and cons
of taking Social Security early or delaying it.
Consult a qualified professional or do some
basic research using the broad range of
publicly-available resources online.

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45. 47.
Consolidate your Get ready for difficult
assets. You may have had conversations about
reasons to have investment money. In retirement, you’ll
accounts with several different firms. As you have to learn to get comfortable with, or at
get into retirement, you’re most likely going to least tolerate conversations about, topics
prefer reducing the number of brokerage firms that make you uncomfortable. They’re with
you deal with. You may also prefer a somewhat your children, your spouse and possibly other
reduced number of different assets—fewer dependents. Having these conversations, and
stocks, funds or ETFs, and bonds or bond doing so without displaying your discomfort,
funds. You still need diversification, but with makes it easier for others to open up about
less complexity. The reason: This helps reduce their feelings and wishes. This in turn gives
the time commitment you make to keep control you the input you need for making long-term
over your money. financial decisions.

46. 48.
Review your asset Business owner?
allocation regularly. Define a succession
“Asset allocation” is a phrase
you’ll hear a lot. It means deciding what plan for your business.
percent of your portfolio to keep in stocks, It’s not enough that you have a manager in
what percent to keep in bonds or fixed-income place who can run it when you’re not there. You
securities and what percent to keep in other need a plan in case you’re not there at all. Your
asset classes like real estate or cash. Asset plan should be deep. That is, it should specify
allocation is dynamic; you’re never done the manager who comes after the manager
making this choice. It can be once a year, who would take over for you. You also need a
but you probably need to revisit this question compensation plan that’ll retain these people
whenever something changes that affects your working at their best without you.
investment time horizon (See Tip #20).

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49. 53.
You don’t have to retire Try a cruise. It’s easy! It can
100%. There are flexible be a low-stress way to travel—
positions. You can “semi-retire.” especially if you have health
The easiest way, if it’s possible in your field, is issues. And it’s great for families, too.
to work part time as a consultant. Depending on

54.
what you’ve been doing, there are also board- Family-centered
level positions that don’t require day-to-day vacations can be “the
involvement.
best.” According to many

50.
Fisher clients, family trips are some of the most
Consider new fields satisfying vacations. Go to family or bring family
other than the career along. Either way, covering family travel costs is
you retired from. often central to making them work.
A couple that come up sometimes in client

55.
conversations are real estate brokerage and Consider pets. They can be
executive recruiting. They both involve high a great source of companionship
levels of social and intellectual skill. Look for to replace coworkers in
things in which you set your own hours, and you retirement. In some cases they’re superior—
can ramp your activity up and down depending both at listening and loyalty.
on your schedule and market conditions.

56.
Think through the pet

51.
Rather than do one “big” decision carefully.
job, do many “small” If you’re planning to travel,
jobs. Keep your involvement to for example, you’ve got to figure out who’ll
smaller projects so you don’t get locked in for take care of your pet. It can also be a pretty
years. And with smaller projects, you can try significant time commitment, especially if you’re
more new things, too. getting a puppy. Also consider the breed and
level of activity. A chocolate lab requires more

52. Travel early in your

retirement. Don’t put it off.
attention and activity than a cat.

57.
Travel is best enjoyed while still Be proactive about your
strong of body and mind. health. Establish a relationship
with a doctor you trust if you
haven’t already. Visit regularly for checkups. Do
what they tell you to do.

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58. 63.
Exercise more and eat Look at your donating
better. Once you’re retired, options. Some Fisher clients
you have time to exercise during find using a donor-advised fund
the best weather the day has to offer. And you or even a private foundation useful. You can
can spend more time on menu planning and take an immediate tax deduction, then advise
preparation of meals. Take advantage of both the fund to make actual donations later, when
privileges to help you enjoy and extend your you’ve identified where you want the funds to
retirement years. go. There are other benefits too.

59. 64.
Walk. Many Fisher clients say Focus on people of
walking is their primary physical your own age. Aim for
activity. If you haven’t been most of your social circle to be
walking, check with your doctor, and then start about your age. You can mix in some younger
slowly, with short distances and moderate pace. or older, but those your own age are going to
Go with friends. Walk-talks can be better for you be interested in doing the same things you are.

65.
than, say, lunches with alcohol.
Engage in mind

60.
Stay active any way activities. Do things that
you enjoy. Yoga is increasing exercise your mind, like bridge
in popularity and availability. and crossword puzzles. You’re coming off a
Explore classes and group exercise too. If lot of involving work. Make sure you’ve got
they’re classes for seniors, they’ll be geared engaging things to pick up the slack.
to what you can handle and you’ll get group
support from others like yourself.

61.
Structure your days. Have
a calendar, either on your computer
and phone, or just paper and
pencil. It’s important to plan and follow through;
otherwise you’ll flounder. Many Fisher clients
report an adaptation period after they first retire.
Some say what got them out of feeling lost was
beginning and keeping a calendar.

62.
Participate in your
education. Taking classes
can be very helpful. Try your
community college or local continuing education
program. Or take skills classes—acting, art or
whatever you think might interest you.

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66. 71.
Crafting builds Limit television. Retirees
dexterity. Use your hands watch an average of four hours
and your artistic sense too, even of TV a day. (Though we haven’t
if you think you don’t have any. It’s a lot of fun surveyed them, we believe it’s a lot less for
and can lead to a lot more. Fisher clients.) It’s easy. And it gets boring fast.
Pick a couple of shows a week and leave it

67.
Read more books. You there. If you limit TV watching, you’ll spend
may think, “Of course, I’ll do this.” more time with real people and real activities.
But Fisher clients report that you

72.
won’t without conscious effort. A book group Don’t gain a lot of
can be very helpful in getting started with more weight. Eating healthy—
reading. You can get more out of your reading fruits and vegetables, not a lot of
by discussing it with others. Find a source of fat—is a start. Controlling portion sizes helps,
book reviews that’ll keep you motivated. too. Of course, check with your doctor about any

68.
weight-loss or exercise program.
Help family—within

73.
your boundaries. Being If your estate is large,
able to fund grandkids going to it might be good to
college is one of the things Fisher clients report make gifts now. Review
is highly fulfilling. They also say you can’t let it this with your advisers. Consider making
become a burden. You have to set ground rules monetary gifts to dependents and family
about what you’ll pay for when and for how members each year. You can gift up to the IRS
long. It’s helpful for students to have to come maximum per person per year without paying
up with some money on their own, so they gift tax and without reducing your lifetime
have “skin in the game.” gift-tax exemption.

69. Spend time defining

who you are. You get
to decide who you are after
you retire. When you were working, your
company, position and coworkers limited your
self-definition. View retirement as a great
opportunity to really think through who you
want to be.

70.
Recognize that there’s
work ahead to enjoy
your retirement. You have
to work to get the most out of your retirement.
Money, freedom and flexibility are great
resources, and if you put in the energy, you can
enjoy them. But it’s not a given that you will.

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74. Pick a money manager

carefully. Talk with several.
Look for expertise, experience
and education, their investment strategy and
78.
Start a home-based
business. It could be
anything, but if it’s involving, it’s
a good idea. Don’t dip into core savings; that’s
how they decide on asset allocations for clients, too risky. You can start small. Some examples:
their business structure and how they’re Fisher clients engage in businesses as diverse
compensated and their service levels. Past as selling shoes on eBay to photography, and
performance is worth looking at, but don’t be many, many more.
dazzled. It’s no indicator of how they’ll do in the

79.
future. You may have to seek
therapy for grief.

75.
Don’t ignore foreign Everyone finds their own way
assets as a potential through loss of a spouse or loved one. Some
investment for your write journals or read to immerse themselves in
portfolio. The US is only about half the another’s world. Counseling is often very useful.
world’s developed equity market and a quarter If the missing spouse is the one who handled
of the global economy. It’s a big world out there finances, hopefully they will have done it in a
and the US has been in the top-five-performing way that leaves you without a lot of immediate
markets only seven of the last 20 years. You responsibility.
miss out on a lot of diversity and possibly great

80.
performance by limiting yourself to the US Once you’re 72,
equity market. make sure you
withdraw at least the

76.
List your minimum from tax-deferred
accomplishments. As accounts. The rules are complicated
you finish the working phase and arcane. It’s best to have someone with
of your career, it’s a good idea to write out the expertise help you with this, even though it
things you did that you’re most proud of, and should be simple. If you don’t take out at least
that you got the most pleasure from. When the minimum, you’re subject to a stiff penalty.
you’re done, let the list help you think about However, note that per the CARES Act, required
what to do next, whether it’s part-time work, minimum distributions are suspended (i.e., not
volunteering or following a dream. required) in 2020.

77.
Explore today’s
technology landscape.
There are lots of ways to do this,
ranging from getting help from grandchildren
to taking classes, to reading For Dummies-
type books. But if you’re going to continue
to be productive and involved in work, this is
essential. From having a Facebook account to
building websites with drag-and-drop tools like
Squarespace or Wix, you’ve got to keep up.

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81.
As a caregiver, make
sure to take care of
yourself too. Some say the
caregiver’s health is more at risk than the one
being cared for. Schedule time to see friends,
do your own thing and manage your life and
self-care. You’re not much good to your loved
one if you’re out of commission.

82.
Don’t be disappointed

85.
if things take a while. Look for ways to
Making friends in a new economize without
community if you’ve moved, for example. Or changing your
getting into volunteering at nonprofits. Assume lifestyle. There are lots of ways to cut
it’s going to take some time to integrate in a your costs but not your lifestyle. An example:
new community. Measure laundry detergent. You’re probably

83.
using a third more than you need. That’s about
Roll over your 401(k). $20 per year going down the drain, literally.
Set up a rollover account and You can get that back in a few seconds per
have the money sent directly to wash load. This is just one example; once you
the brokerage. Otherwise, your employer will get started, you’ll be amazed at how you can
have to withhold 20% of the amount for taxes. reduce your costs.
You then have 60 days to apply to get that

86. Be watchful, avoid

money back. There’s no reason to bother with
all that paperwork. financial predators.

84.
Some things to look out for:
If you’re investing in advisers with direct access to investors’ funds,
fixed income, don’t firms with numbers that seem “too good to be
overlook ETFs. Fixed true” and managers with fees that are too low.
income is an appropriate investment for

87.
some—but not all—folks nearing or in Be sensitive to your
retirement. However, buying individual bonds partner’s adaptation
isn’t the only way to go. For many investors,
it may make more sense to buy fixed-income
needs as he or she
ETFs (exchange traded funds), which provide retires. If your spouse is retiring, it’s your
more diversification and often significantly retirement too. You’ll have to change as she
lower transaction costs. or he changes their role. Being supportive and
willing to have conversations and dialog on
topics like, “Who are you? Who do you want to
become?” can make a big difference.

13 800-568-5082
 99 RETIREMENT TIPS

88. 91.
Your hobby is a great Consider converting
place to start on your your IRA to a Roth IRA.
way to a meaningful With a Roth IRA, you make
retirement. That doesn’t mean you have contributions with money on which you’ve
to turn it into a business, though you might. If already paid taxes. From there, your money
you do, ask how much you’d like to make from may potentially grow tax-free, with tax-free
it and thus how much investment and time withdrawals in retirement, provided that certain
commitment would be required. If either is too conditions are met. Earnings grow federally
much, think about writing about your hobby, tax-free and there are no minimum required
either for a publication or in a blog or e-book distributions (MRDs) during the lifetime of the
of your own. And of course, there’s teaching original owner. For some Fisher clients, these
others in classes or one-on-one. properties are beneficial. You might or might
not be better off converting. Explore the topic

89.
with your advisers.
Know your net worth,

92.
but don’t obsess over If you’re going to buy
it. Net worth is what you own
minus what you owe. (Net Worth = Assets – funds, buy low-cost
Liabilities.) To calculate it, get all your financial index funds. A collection
documents together or have a good idea of the of mutual funds is very unlikely to beat the
details of your accounts. Include other assets market—and if your fees are high, you’re going
like cars, boats and other personal property, to miss out on a lot of market return. If you’re
but remember the importance of the investable convinced you want funds, a passive approach
asset component of your net worth. The idea is typically preferred.

93.
is to capture a snapshot of your total wealth at
this moment in time. Knowing your net worth If you’ve got a pension
can help you develop the right strategy for your plan, you have some
situation. choices ahead. Often,

90.
they’re structured so you get a larger monthly
Know the difference check if it only runs for your lifetime, somewhat
between income and less if your spouse continues to get half benefit
cash flow. For many throughout their life. And a still smaller amount
investors, the primary purpose of their if you want her or him to continue to get the
portfolios is to provide for them in retirement. full monthly benefit for the rest of their life. You
However, many investors assume that the only need to consider how important this amount
way to generate cash flow from their portfolio will be in your retirement income. If it’s a small
is in the form of income, such as from bonds percentage, the choice is discretionary.
or stock dividends. But there are other ways to
generate cash flow, such as harvesting long-
term capital gains. This can be a very important
component of cash generation, and can open
up a lot of different investment possibilities.

www.fisherinvestments.com 14
 99 RETIREMENT TIPS

94. 97.
Be diversified, but not Drive the safest car
too diversified. It’s good you can. Our clients come
to spread your risk. But if you to different conclusions based
go too far, you lose any chance of beating the on their own research about which car that
market, while possibly incurring too great of is. But it’s reasonable, if you can afford to, to
a cost for diversification. Here’s an example: put safety at the top of your priorities for what
to diversify, you buy 10 mutual funds, each of to drive. There’s lots of publicly available test
which has a significant fee built in because data on this. And there are plenty of features
each of your picks is actively managed. in newer cars, including frontal collision
Between all these funds, you’ve got over 500 avoidance, blind-spot detection and alerts, and
stocks and you essentially own the entire more, that make you a better and safer driver
market—the same exposure you could have at any age.
had from a single index fund.

98.
Participate in group

95.
Remember your safe learning activities.
deposit box. You’ve kept Semester-long classes are
everyone up-to-date on all your great, but so are seminars, lectures and
assets. You need to make sure you do this too; discussions. Take advantage of opportunities to
tell the people who need to know where the see and hear people talking about their areas
keys to your safe deposit box are. And make of expertise. They can make their topics come
sure those people are authorized to get into the alive and be memorable in ways that books and
box at the repository. magazines can’t.

96. 99.
Review your life Build a cushion
insurance. As you retire, into your financial
you may find you have too planning. Not everyone is
much or not enough insurance. You may have highly disciplined in their spending plans, or
paid up policies you no longer need and would even their income forecasts. If you leave a big
prefer the cash instead. At a minimum, it’s a gap between what you believe you’ll be able
good time to understand what policies and to take in as income each year and how much
benefits you do have. you plan to spend, it’ll help reduce anxiety. It’s
easier to spend a little more than you planned,
than less.

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 99 RETIREMENT TIPS

Planning Your Retirement With Fisher Investments

Still have questions? Not sure what’s best for you? Need help getting started? We’ve
helped many investors—each with unique goals and needs—plan for retirement. Call
Fisher Investments at 800-568-5082 to find out how we can help you achieve your
investing goals in retirement.

www.fisherinvestments.com 16
From the moment you become a client, we put you first.
We are dedicated to helping investors like you reach their long-term financial goals and live
comfortably in retirement. As a fiduciary, we are obligated to put our clients’ interests first, but our
values, structure and focus on you go even further:

Fees Aligned With Your Interests

Our fee structure is transparent and helps tie our incentives directly to your success. We charge a
simple fee based on the assets we manage for you. We do not make money on trading commissions
or by selling investment products for a commission—common conflicts of interest in the rest of the
financial services industry.

A Tailored Approach

We create a personalized portfolio tailored to your unique situation: your financial goals, wants, needs,
health, family and lifestyle. And on an ongoing basis, we work with you to understand changes in your
life or financial situation that may impact your investment plan.

Unparalleled Service

Your dedicated Investment Counselor is here to serve you, not sell to you. Your Investment Counselor
is well versed in your financial goals and helps you stay on track with your investment plan. She or
he calls you to make sure you understand what we’re doing in your portfolio and why. Our financial
planning, educational resources and live client events also help you understand challenging and
oftentimes-unpredictable markets.

Investment Experience

We have been working to make the financial services industry a better place for investors since 1979.
Today, we apply that experience in helping more than 70,000 clients around the world reach their long-
term goals.* Led by our founder Ken Fisher, our Investment Policy Committee—the primary decision
makers for your portfolio—has 140+ combined years of industry experience. Moreover, the Financial
Times named us a Top Registered Investment Adviser six years in a row.**

2014 - 2019
*As of 02/05/2020. Includes Fisher Investments and subsidiaries.
**Fisher Investments was named one of the Financial Times’ Top 300 US-Based Registered Investment Advisers (RIAs)
in the publication’s annual lists from 2014 to 2019. Advisers were evaluated based on assets under management, asset
growth, years in existence, industry certifications of key employees, online accessibility and compliance record.
Simply put, we do better when you do better.

Fisher Investments Some Money Managers

Tailors your portfolio to your goals and needs Provide cookie-cutter portfolios

Calls regularly to keep you informed Only call when they have something to sell

Charges one simple, straightforward fee Sell high-commission investment products

 5525 NW Fisher Creek Dr.,
Camas, WA 98607
800.568.5082
www.fisherinvestments.com

©2020 Fisher Investments. All rights reserved. M.01.430-Q2200422