Episode 176: Advice for the Almost Retired
Today’s Prep:
Is the economy making you nervous right now as you near retirement? What can you do right now to keep your investments and your sanity intact?
Equipping Points:
It can be scary when you’re getting ready to retire or are recently retired when the market looks like it’s about to take a down turn. With the S&P 500 now down about 15 percent since January, and the NASDAQ down almost 25 percent, Boomers in or nearing retirement might be getting a little nervous. With the caveat that we don’t give specific retirement or investment advice on this podcast, what should they do? Today, we’ll talk about the current market environment and what you should keep in mind if you are almost or already retired.
Some thoughtful and prominent people have a bad feeling about the economy for the next several months or years. You don’t have to necessarily be fearful, but you should know where your money is. David shares what an example of a balanced portfolio might experiencing right now and how having a plan is the best approach to move forward.
When people become fearful, they tend to sell out of panic and fear. David suggests two different alternatives for those into retirement or almost retired. Are you fearful or confident when facing the unknowns of the next several years? If you’re fearful after a 10 percent downtown, you should look for some help.
For a lot of David’s clients, he uses a triggering mechanism to switch to safety when needed. Similar to a hurricane warning, you may need to be prepared when certain indicators come up but won’t always be hit by the storm. Depending on your age and situation, know what you should do right now and stay focused. Come back next week to hear about a strategy with your taxes so you can use a down market to your advantage.
Listen to the entire episode or skip ahead using the timestamps below.
If you ever want your question spotlighted on the show or to ask David something about your retirement, email him at [email protected]
0:27 - Are you almost retired and worried about the market?
2:30 - Do you have a plan for your money right now?
8:20 - People sell out of fear. What can you do instead?
19:43 - What should you do now?
Today’s Takeaway:
“Make sure you have a really good plan in place, and if it’s not a written plan, it’s not a plan."
– David Dickens
KC Financial Advisors Blog


