It is important to keep in mind that you created a retirement plan designed to get through many years of economic need. A good retirement plan will factor in that markets rise and fall with regularity. Those with retirement plans have more confidence when navigating market ups and downs.
There are, however, some steps to consider when approaching retirement:
Confirm your liquid assets. If you have enough cash reserves on hand for the moment, you may not need to withdraw funds during the downturn.
Consider your taxes. There are a number of ways to optimize your tax reporting especially when it comes to converting some assets (for example: converting a traditional IRA to a Roth IRA).
Evaluate your expenses. If you’re able to define your exact spending needs, you might find you can do with less as you embark on your retirement.
Bide your time. Retirement can be attractive, but delaying it while the market readjusts could mean better long term financial confidence.
If you are concerned about retirement, we are happy to meet in person or virtually and discuss recommendations based on your unique financial situation. It is still possible to retire during a recession. We are here for you during this period of economic volatility.