It's natural to feel uncomfortable at times like these. But, you have resources available to help you navigate!
Most people are aware that the stock market has a natural life cycle that is destined to encounter peaks and valleys, but we really don't think much about the market as long as things are moving in a positive direction. Everyone feels a sense of security that their plan is on track.
However, when we start to see the market reacting with more volatility, people feel uncomfortable and some even start to panic. It's natural to have some concerns about your plan (or lack of plan) at times like these.
But what should you actually DO now?
First of all, take a deep breath. There are options available to help you stabilize your financial plan and future income avenues.
No matter how much of your assets are invested in the stock market, here's three steps you can take during a market decline - or any time!
1. Evaluate the Risk Exposure in your accounts. Do you know much of your income could be affected by a market downturn?
A review of your risk will help you gain clarity on whether now might be a good time to make adjustments or stay the course.
2. Request a retirement Income Analysis. Analyze the sources of income you plan to use during retirement. We can help you develop a plan to give you confidence that your income will last as long as you do!
3. Build a financial plan. We believe that you deserve to have a plan to help you accomplish your big goals.
A financial plan is more than a portfolio - it's a strategy designed to weather the ups and downs of the market.
Many of the people we work with come to us with a collection of accounts but not a comprehensive financial plan. They’ve done a great job saving up for retirement, but when it comes to having a plan for turning those accounts into a steady stream of income in retirement, they’re not prepared.
Does this sound like you? Perhaps you have a 401(k), an IRA, your Social Security, maybe even a pension. You get your quarterly statements and you dutifully review them and tuck them away.
But, do you know when and how to start drawing income from these various vehicles? Does your plan account for potential future market downturns, the rising cost of health care, inflation and other potential challenges?
Don’t worry if your answer is “no.” Most people we meet with don’t have this level of detail to their plan. But that’s where we come in. Our team is skilled at turning a collection of accounts into a holistic financial plan custom-tailored to you and your goals and dreams.