During times of economic uncertainty, it’s natural to feel overwhelmed. It seems like every day there’s a new update from the markets. But rather than reacting to the noise, focus on why you have a long-term strategy in the first place: to guide you through challenging times and keep you on track.

In this week’s Better Money Boston with WCVB Channel 5, David Shapiro explains why it’s more important than ever to have the right retirement plan in place.

Prioritize Diversification

True diversification isn’t just about holding the same investments across multiple accounts. It means spreading your money across three distinct buckets. The first is your safe bucket, which carries no risk. The second is your growth bucket, intended to help your investments grow over time. The third is your income-generating bucket, designed to help replace your monthly paycheck in retirement.

Let Logic Lead Your Decisions

It’s easy to let your emotions get the best of you when facing retirement in uncertain times. That’s why having a solid retirement income plan can help ease those fears. Working with a financial professional along the way can help keep you grounded and ensure your decisions are guided by logic and strategy, not purely emotion.

Focus on Your Long-Term Goals

We often get caught up in the short-term, wondering what might happen tomorrow, next week, or even in a few months. But when it comes to retirement planning, especially during periods of market volatility, maintaining a long-term perspective is essential.

Once you shift your focus, you may find that you’re actually on track to achieving your goals. Regardless of how the market is performing, sticking to your long-term plan can give you greater confidence in your financial future.

Possibly Reassess Your Retirement Date

Choosing your retirement date can be an exciting milestone — it’s what you’ve worked toward for your entire career. But you might find that you need a bit of a buffer before reaching that point. That could mean working a little longer to build a financial cushion.

Doing so can help ensure you enjoy the retirement you’ve envisioned, at a time that truly fits your circumstances. All of this can be built into your long-term financial plan.