Protecting Your Retirement in a Recession
We are in a recession. There’s no denying it. I don’t care if the official measurements about two-quarters of a downturn haven’t come out yet. You cannot have the level of unemployment that we have and not be in a recession. What does the recession mean for your money? How does the recession affect your retirement?
History of Recessions:
History has shown that in previous recessions people who kept their money in the market did better than those who tried to time the market. There’s a caveat to that though, which is that you had the right financial plan in the first place. The right financial plan for you should act as the foundation, as an anchor, so you don’t end up making decisions based on emotion.
Having a Financial Plan:
I think you should make sure you have a custom financial plan based on your individual situation. This will help you not take more risk then you’re supposed to. Then, you won’t get spooked out of the market.
If you don’t have a plan, it’s time to get one! I believe it’s best to have a financial plan that goes out for 20 or 30 years. It doesn’t have to be complicated. We realize at Johnson Brunetti people want simplicity. Also, make sure that you have a custom financial plan based on who you are as an individual, not based on what some software program says.
Use a Fiduciary:
If you’re going to get professional help, I recommend you use a fiduciary. If you use a fiduciary, it means they must act in your best interest by law.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
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