People nearing their golden years usually focus on saving or amassing enough money so that they can have an enjoyable and stress-free retirement, Once they are officially retired, investing for them is typically out of the question. However, financial advisors say that individuals can also reap several benefits when they still invest even when they are already retired.

But whether you are young or already retired, making smart investment decisions and getting the most out of them will depend on following some useful tips and advice. For retirees, below are some helpful tips and advice worth following to ensure that they make the right, profitable investment decisions:

Don’t focus on only one risk. All types of investments come with certain risks. This is especially true when you invest in the stock market. However, retirees should know that avoiding stock market risk increases other types of risk. These include longevity risk or the risk of outliving your money. Financial advisors say that retirees should not consider short-term or certificates of deposit and other similar types of investment as being risk-free assets. This is because if you invest in them, you may still have a guaranteed return of capital. And this is an investment risk worth taking.

Don’t rule out bonds. Bonds still play an important role in any conservative investment portfolio designed for retirees. Most financial and investment advisors recommend retirees to invest in high-quality bonds, such as Treasury bonds or highly rated corporate bonds, and individual bonds or bond funds. However, retirees should stay away from high-yield bonds and high-yield bond funds since they are too risky.

Diversity your real estate investment trusts. Real estate investment trusts or REITs are investing option that provides diversification and generates income for retirees. However, to get the most out of this investment option, retirees would do well to diversify their portfolio. This means investing in commercial property such as warehouses, office buildings, and shopping centers and not just in residential properties. In addition, retirees investing in an REIT will do well to make sure it is diversified not just geographically but in terms of the type of commercial property. This is essential for diversification, stability, and for dampening volatility.

Consider investments that offer immediate annuities. Lastly, if you want a guaranteed income payout, annuities are a reliable option. With annuities, you get a monthly income in exchange for a lump sum or payments over a series of years as long as you live. There are various types of annuities and they come with different features. They can be expensive as well. As such, consider consulting a trusted financial adviser first before you deciding which type of annuity to invest in.

Are you among the crowd who is still thinking of where to invest the money they earned from years of working hard? There may have been unsolicited advises convincing you to put your share on various networking companies. Some may have even told you to put up a startup company. But is this the most practical thing you could probably do to your money? Perhaps, yes, if its your choice.

However, investing has its ups and downs depending on the industry you’re going to delve into. Yet, do you know that buying a house or owning one is one of the most intelligent investments you would probably make. Why?

Homes can be turned into rental properties. With necessary adjustments and with proper leasing or rental documents, you can turn your house into an additional income stream. What’s even good is rental fees tend to increase on regular intervals. There are persons who often move because of job changes. They constantly look for homes which they can rent, and yours can be their next rental homes.

Depending on a home’s location, it can also be a perfect vacation house. Typically, families, especially those with children, and those which embrace the concept of extended families – do love to have vacation houses. During specific periods of the year, the house can serve as a reunion spot for relatives to gather. So, thinking of having a vacation house? Should it be near a beach, the woods, or perhaps one that offers mountainview or cityview otherwise?

Home values typically increase. Thus, if you’re going to put your house for a resale – chances are you’re going to get good profits. So you better ask your local real estate agent which areas have markets in which home prices experience surges. Commonly, these areas include those where professionals flock because of employment opportunities.

Buying a house is also seen by financial houses as a better investment than credit cards. This is one reason why there are many lenders that charge low-interest rates on home mortgages.

Are these reasons still not enough to convince you how good of an investment is owning a house? Another bonus benefit of owning a house is the local community attachment you’re going to build. You’re start to have acquaintances who’ll later become your friends. Your neighbors will likely become close to you like family. There will be some sort of emotional attachment.

The departure of a loved relative is always a sad moment. But after the period of grief and suffering, it is wise to consider how his or her earthly belongings will be shared. In many cases, the fortune the deceased left behind is the only income source for the remaining relatives. And if the process of distributing the money is not straightforward, it can take months or even years before the heir may see a single penny. This is why borrowing against inheritance may be the best option. Find out more about cash advance loans and why they are a good solution.

A lengthy probate process is the most common reason for using cash advance services. A probate is basically a process that ensures that each heir correctly receives his part of the inheritance. And it can take a lot of time, months, even years, before the entire inheritance is distributed. This happens a lot when there are more than just one heir. Meanwhile there are many estate obligations which must be settled. Anything from funeral costs, to remaining loans and other debts should be resolved quickly. And in this case, a quick inheritance loan is recommended.

In cases of multiple heirs disputing some properties, things can also become complicated. For example, two heirs should divide property of the estate. One of them renounces and just wants the money for his share. Since properties are expensive, you can also use an inheritance loan to buy the property. In this case, you may want to discuss more with the loan experts about how you can return the loaned money.

Advance cash loans can solve a lot of problems for heirs expecting their money. However, there are few things to consider when asking for a loan. Inheritance advances and loans usually range from $5,000 to $250,000. Choose a loan amount that is less than your expected inheritance. Some lenders will offer a maximum percentage of your total expected inheritance. The inheritance rights are assigned to the company and the process can take from 5 up to 10 days.

Another thing to remember is that cash advance companies ask for fees. Fees vary a lot, depending on the amount of the advance, the complexity of the estate and the amount of time until the estate closes. Whenever you want to make a cash advance against inheritance, make sure to bring relevant documents, like a copy of the Will or a copy of the death certificate.

After the historic growth the stock market has experienced since early 2009, many investors have felt that a health pullback may not be a completely negative thing. After all, we certainly don’t want another bubble, or stock prices that are clearly out of line with the earning potential of the underlying companies.

Unfortunately, market corrections never feel healthy when they occur. People get uncomfortable when the market declines, the media fans the flames by giving investors reason after reason to be afraid, and worries that this is the beginning of the next crash begin to develop.

While many investors admit that a 5% pullback is manageably unpleasant, concerns expand when the market decline hits 10% — right when the media can officially throw around the word “correction.” As of market close on 10/17, the S&P 500 is still only off less than 6% from its high on 9/18. Consequently, we still have a ways to go before we touch the “correction” mark. Of course, we have no idea whether the drop will reach 10%, but why not mentally prepare ourselves by exploring what has traditionally happened to stock prices once that 10% decline is crossed?

The Data

Ben Carlson, an institutional investment portfolio manager, looked at the S&P data going back to 1950, and found that there have been 28 instances when stocks fell by 10% or more. Thus, on average, the market has entered an official correction every 2.25 years. The last market correction occurred in 2011, so another 10% drop at this time would correlate pretty close to the average amount of time between corrections. Of course, the market has done pretty well since that last temporary correction in 2011. Clearly, such a drop is quite normal and far from historically concerning.

As you can see, the average market correction lasts just under 8 months and the median total loss was 16.5%. Of the 28 times the S&P 500 decreased by 10%, the market suffered a loss greater than 20% only 9 times (32% of the time), and a loss greater than 30% only 5 times (18%). The data confirms that although these types of large losses do occur, they really are the exception — even after enduring a 10% loss that feels like the beginning of the end.

Your Advantage

Are you thinking “I don’t think I can stomach that median loss of 16.5%?” Then it’s time to pull out the ace up your sleeve. Remember that the data above represents the historical performance of the S&P 500 – an index that is composed of 100% stocks. A capable financial planner would ensure you have an asset allocation mix between stocks, bonds, and cash that represents your tolerance for risk. Consequently, your portfolio likely isn’t 100% stocks. In fact, the appropriate allocation for an average investor approaching or already enjoying retirement might be closer to only 50% stocks. This means that on average, your portfolio should decline only half as much as the S&P 500 during market downturns.

This ace may bring the loss endured by our sample investor with a 50% stock portfolio down to around 8.25% during the median decline. Are you now back in the “manageably unpleasant” range? If so, you likely have an appropriately constructed portfolio. If not, your risk tolerance may need to be reevaluated to ensure you are not exposing your nest egg to a larger loss than you can afford.

Although the recent market pullback produces what seems like a foreign feeling, we’ve been here before. The S&P 500 declined in value by 18.64% over a 5 month period in 2011. However, an investor with a 50% stock portfolio likely only saw their account values drop around 9%-10% — still not fun, but manageable. Of course, we don’t know whether the market is about to bounce back or continue to drop into official correction territory. If you continue to hear about the broad markets declining, remember that the average historical correction has been far from catastrophic, and that you have the ace of an appropriate asset allocation up your sleeve.