Nearly half of investors check their portfolio at least once a day.1

But checking isn't always the same as reviewing.

It can be easy to refresh a number, watch it move, and react to the day's market swings. That may feel useful in the moment, but it does not always answer a more important question: whether the portfolio is still built for the life you are heading into.

That's a different exercise. And the years around retirement are where the difference starts to matter most.

The Habit That May Not Be Doing What You Think It Is

Checking a portfolio is quick. It's emotional. It tells you what changed since yesterday. Not much else.

Reviewing a portfolio is slower and more boring. It asks whether the pieces still fit together: the allocation, the income strategy, the tax sequencing, the fees, the risk profile, the beneficiary designations.

One can feel productive. The other may be more useful.

That does not mean checking is necessarily harmful. It is simply different from the broader review process that can help align investments with goals, risk tolerance, income needs, and time horizon.

What a Portfolio Review May Look At

A portfolio review treats your money like a system, not a scoreboard.

It pulls back from the day-to-day numbers and asks bigger questions.

• Is the current mix of stocks, bonds, and cash still appropriate given how close retirement is?
• Is there a written plan for which accounts get drawn from first?
• Are taxes being managed across decades, not just years?
• Have the fees on every fund been audited recently? Has the named beneficiary on every account been confirmed?

Few investors can answer all of those off the top of their heads.

That is not a failure — it may simply be a sign that the work has not been fully addressed. And those decisions can have long-term implications.

The Window Where a Review May Matter More

The 5-to-10-year window before and after retirement is when a portfolio's job quietly changes.

Up until that point, the goal is mostly accumulation. You're adding money, you're tolerating volatility, and time is on your side. After that point, the goal becomes distribution — drawing income, managing taxes, and protecting against the years when markets and withdrawals collide.

That shift is where a lot of portfolios get caught carrying old assumptions into a new chapter.

Sequence-of-returns risk is a useful example. During the accumulation years, a market downturn may be uncomfortable but potentially recoverable. During distribution, that same downturn — paired with ongoing withdrawals — can increase the risk of drawing down savings more quickly than planned.2

A portfolio that has drifted away from its target mix may also amplify losses if rebalancing has not occurred recently. These are items that can be harder to identify through a quick portfolio check than through a more comprehensive review.

Items That May Get Missed

Some things rarely show up on a brokerage app's home screen but matter a lot when you actually sit down to evaluate.

Fees are one. The asset-weighted average expense ratio for U.S. mutual funds and ETFs has fallen to 0.34%, down from 0.83% in 2005.3

Investors who remain in older, higher-cost funds may be paying more than today's average. Even modest differences in expense ratios can add up over long time horizons, particularly when compounding is considered.

Withdrawal sequencing is another area to review. The traditional rule — taxable accounts first, then tax-deferred, then Roth — may not always produce the most tax-efficient outcome for every investor. Depending on an individual's account types, tax situation, income needs, and goals, a proportional approach that draws from multiple account types each year may help manage lifetime tax exposure differently.4

And then there are beneficiary designations. They can be easy to overlook and may override your will regardless of what your estate documents say.5 An outdated form from years ago — a former spouse, a deceased parent, or a name that no longer reflects your wishes — could quietly route assets in a way you did not intend.

A Different Question to Ask Your Portfolio

Most portfolio "checks" answer one question: How am I doing today?

A comprehensive review asks a different one: Is my portfolio still built for what's next?

Looking beyond day-to-day performance can help determine whether your investment strategy continues to align with your retirement goals, income needs, tax considerations, and risk tolerance.

If you have questions about your portfolio or would like to review your overall financial strategy, we're here to help. Schedule a complimentary conversation with one of our advisors to discuss your goals and explore whether your financial plan is positioned for the years ahead.

Schedule a conversation with our team.


 

Sources:

1. CNBC Select, 2025 [URL: https://www.cnbc.com/select/how-often-should-you-check-your-investment-portfolio/]
2. T. Rowe Price, 2024 [URL: https://www.troweprice.com/content/dam/retirement-plan-services/pdfs/insights/investment-insights/A_Different_Perspective_on_Sequence-of-Returns_Risk.pdf]
3. Morningstar, 2025 [URL: https://www.morningstar.com/financial-advisors/fund-fees-are-still-declining-not-quickly-they-once-were]
4. Fidelity, 2026 [URL: https://www.fidelity.com/viewpoints/retirement/tax-savvy-withdrawals]
5. Vanguard, 2024 [URL: https://investor.vanguard.com/investor-resources-education/beneficiaries]
   
    

This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2026 Advisor Websites.