Are you retirement ready? Both financially and emotionally?
In the final webinar of the series, CRA Client Services Manager, Rick Chase, will help you to set a retirement savings goal, determine if you’re retirement-ready, and discuss important non-financial considerations when preparing for retirement, such as, what are you going to do with so much free time?
If you have looked at your retirement account (or other investments) balance recently, there’s a good chance you didn’t like what you saw. While it doesn’t feel good to see your savings decrease so drastically, this is part of regular market cycles.
Let us offer you a silver lining, there are steps you can take to insulate yourself from major losses and most of them are very easy.
Stay the Course
Right now, you’re suffering losses on paper. Selling and leaving the market would make those losses real. You still own the same number of shares of stock that you did before, they just have a lower value (at this time). You wouldn’t sell your car just because it’s Toyotathon, would you? If anything, you might consider buying a new car at the discounted rate.
Retired? Tighten the Budget (If You Can)
If you’re already at retirement and depend on your retirement savings for income, you might not have the choice to just leave your money in your account. In this case, do your best to minimize withdrawals. Wait until the market recovers to make expensive purchases, cut out flexible costs, but take care of yourself.
Colorado Retirement Associationoffice will be closed on Monday, July 4 in observance of Independence Day and will reopen on Tuesday, July 5, 2022 at 8:00 am.