Taking some risks with your portfolio can lead to higher returns over time. Over time" is important; in the short run, high risk can do damage to a portfolio--and a retirement plan. Emerging markets investments have a place in most portfolios. The question is how much.

A backdoor Roth IRA is completely legal and most online brokers have systems set up to handle it. There is also no income restriction on this strategy. Here is how it works: Basically, you contribute money to a traditional IRA and then immediately convert it to a Roth IRA. The money in the Roth now gets to grow tax-free and when you withdraw the money in retirement, you won’t pay any taxes at all on the withdrawal.

High fees can take a big bite out of your investments. Index funds, with low fees and passive management, normally outperform their more expensive, actively managed peers over time. It's a good idea to review your investments on an annual basis to make sure fees are reasonable and asset class balances are where you want them.

At the end of 2025, federal income tax rates are scheduled to go back to where they were before the Tax Cuts and Jobs Act (TCJA) of 2017. Many expect Congress to extend the tax cuts, at least for lower brackets, but nothing is guaranteed. If tax rates are set to increase, Roth IRA conversions today would make more sense for many people.

Very few people wait to take Social Security at age 70 or later. But, retirees with a decent amount of investments probably should wait until that age.