Beef Up Your Emergency Fund Before Retiring - Wright

By Covestor

The rule of thumb for emergency funds is to haveaenough saved to cover six months to a year worth of living expenses in case of a job loss or other financial setback.

However, investors approaching retirement may want to consider boosting that rainy-day fund, especially since many Americans are living past 90, says Covestor portfolio manager and Harvest Financial Partners co-founder Jim Wright.

Wright tells Consumer Reportsathat augmenting the emergency fund can help those in their 60s nearing retirement ride out market volatility and prevent mistakes that will set them back:

Having a financial cushion means you'll be less tempted to sell your stocks duringaa downturn.

So expand your emergency fund to cover more than a year of expenses,aup to five years, says Jim Wright, a portfolio manager at Covestor, an online asset management company.

Harvest Financial Partners, based in Paoli, Pennsylvannia, manages the Domestic Dividend Investment Portfolio.

Covestor Ltd. is a registered investment advisor. Covestor licenses investment strategies from its Model Managers to establish investment models. The commentary here is provided as general and impersonal information and should not be construed as recommendations or advice. Information from Model Managers and third-party sources deemed to be reliable but not guaranteed. Past performance is no guarantee of future results. Transaction histories for Covestor models available upon request. Additional important disclosures available at http://site.covestor.com/help/disclosures. For information about Covestor and its services, go to http://covestor.com or contact Covestor Client Services at (866) 825-3005, x703.

Harvest Financial Partners

Harvest Financial Partners

Harvest Financial Partners was founded by Jim Wright and John Fattibene. Jim has worked with individual and institutional clients as

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