Near Retirement? 3 Strategies to Consider In a Market Downturn

The Retirement Show: Your Life, Your Money with Scott Sierens

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15d ago 17:52

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When the market is down, it can make you feel pretty uneasy. Emotions can rise and panic can feel like the natural response, especially when you’re nearing retirement. You spent decades just saving to get to this point, and now you're watching your retirement savings drop in value.

You might be wondering what changes you should make. Should you move to cash? What action should you be taking with your accounts as you watch your accounts drop in value and you're getting closer to your retirement date? We want to focus on strategies that can help our plan during these high emotions versus letting emotions potentially hurt our plan.

This video is going to draw out some simple and practical strategies you can utilize during a market downturn that can actually help your retirement plan instead of hurting it.

Here’s some of what we discuss in this episode:

⚖️ Strategy #1: Rebalance your portfolio to take advantage of market shifts

💵 Strategy #2: Increase contributions when prices are low

🔁 Strategy #3: Use Roth conversions to lock in tax-free growth

📉 What happens if you miss the market’s best days

🧾 Roth alternatives when your income is too high

Look at the chart we referenced: https://www.hartfordfunds.com/practice-management/client-conversations/managing-volatility/timing-the-market-is-impossible.html

Company website: https://sierensfinancialgroup.com/

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