The most common question we get from employee participants is how much to save for retirement and whether their savings are on the right track.
In this section, we offer resources and actionable steps to help you understand your retirement planning and enable you to manage your earnings. Wherever you are in your career, you will find answers to your top questions and tips to help make smart and meaningful plans and decisions.
The tailwinds of experience are driving you forward. As you anticipate retirement, excitement about your next chapter may be building. Questions might be building too.
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 Tuesday, July 4, in observance of the Independence Day and will reopen on Wednesday, July 5, 2023 at 8:00 am.