8 ways retirees can shift portfolios from growth to income

Post-retirement investing often requires a reset from chasing returns to generating dependable cash flow while protecting principal. James W. Graves of Joppa Mill Advisors outlines eight steps retirees can use to manage withdrawals, reduce taxes and keep portfolios resilient.

Why it matters: - Americans over 65 make up about 20% of the population, and many are now managing savings for decades of retirement. - Retirees often need income from investments to help cover monthly expenses, supplement Social Security and meet required minimum distributions. - A portfolio built for growth can become mismatched with the needs of post-retirement spending and capital preservation.

What happened: - James W. Graves, CFP®, founder of Joppa Mill Advisors, laid out eight steps for transitioning post-retirement portfolios from growth-focused investing to income generation. - Graves said the shift from accumulating assets to withdrawing from them can require a counterintuitive mental adjustment. - Graves said an income-focused portfolio can still deliver both income and growth when it is properly managed.

The details: - Graves' first recommendation is to start with a completely new post-retirement plan built around needs, fears and expectations. - Graves' second recommendation is to rebalance toward investments that can produce steadier income, including dividend stocks, bonds, blue chips and ETFs. - Graves' third recommendation is to remove emotion from decision-making and avoid reacting to short-term volatility. - Graves' fourth recommendation is to plan for surprises, including volatility, inflation and government actions. - Graves' fifth recommendation is to time withdrawals to help minimize taxes, especially when selling equities could create a higher tax bill. - Graves' sixth recommendation is to shift goals from growth to capital preservation. - Graves' seventh recommendation is to maintain diversification to help offset market volatility. - Graves' eighth recommendation is to review spending and cut expenses where possible, including discretionary costs such as wardrobe updates after leaving the office. - The article notes that people with a 401(k) or traditional IRA must take required minimum distributions starting at age 72 or 73, depending on birth year. - Graves is a nationally recognized investment thought leader and investment advisor with prior experience at Bankers Trust, Wilmington Trust, T. Rowe Price, Acadian Asset Management, Morgan Stanley and Merrill Lynch. - Graves holds a CFP® designation, a B.A. from Trinity College and an M.B.A. from New York University Stern School of Business. - Joppa Mill Advisors says investment advice is offered through Wealthcare Advisory Partners LLC dba Joppa Mill Advisors LTD, a registered investment adviser with the U.S. Securities and Exchange Commission. - Joppa Mill Advisors lists its website as More information, and Graves' social profiles include LinkedIn and X.

Between the lines: - The core message is behavioral as much as financial: retirement planning is not just about picking investments, but about changing expectations around risk, withdrawals and lifestyle. - The emphasis on taxes, diversification and spending cuts suggests that income strategy is about controlling cash flow from multiple angles, not just generating yield.

What's next: - Retirees and advisors are likely to use the framework as a checklist when building or revising post-retirement plans. - The practical outcome depends on how quickly investors adjust to lower-risk allocations, withdrawal needs and higher spending discipline. - Graves' central point is that retirement investing is not all or nothing; income and growth can coexist in the right portfolio.