There’s no need to mince words. It is a nightmare scenario for anyone nearing retirement. You diligently save and invest over a long career only to find yourself potentially retiring in a bear market.
In the past month, the stock market dropped into bear market territory. During that time, the Dow Jones Industrial Index suffered its largest single-day drop ever, but also its largest one-day gain since 1933. Needless to say, as the world works to contain the coronavirus and faces the likelihood of an economic recession, the market has become highly volatile.
In times of uncertainty, intuition tells you to take action. While doing something, anything, may make you temporarily feel better, it’s purposeful actions that will make a difference. To find out what moves could improve your situation, it helps to ask some pointed and unemotional questions – especially when it comes to your financial life.
If you feel uncomfortable about fluctuations in the stock market, does that mean it’s time to rethink your investment risk tolerance?
Right now, you may be experiencing concern and uncertainty surrounding the coronavirus, as well as its impact on the capital markets and economy. At Advance Capital, the well-being of you and your family is our top priority, so our hearts go out to all those who have been directly affected.
At Advance Capital, the well-being of you and your family is our top priority. We understand the concern and uncertainty you may be experiencing surrounding the coronavirus outbreak, as well as its impact on the capital markets and economy. We wanted to take the moment to reassure you that we are committed to being responsive to your needs as the situation evolves. We are working diligently to navigate the plethora of information to make informed investment decisions on your behalf. An emotional or impulsive decision often ends up being the wrong one. We prefer making changes to your account that are based on solid economic data and concrete facts.
Unless you happen to live under a rock with no cell signal, your brain processes an extraordinary amount of information every day.
The two costliest mental pitfalls investors face are fear and greed. Though an argument could be made for a third, equally harmful danger: amnesia.
One of the most important things to plan for in retirement is healthcare. Essentially, how are you going to pay for medical costs that will only rise as you grow older?