July 26, 2022
What should I do in this volatile market if I am retired?
Joe Beckford, wealth advisor at Goodwin Investment Advisory, shares some insight about what you should do in this current market if you are already retired. Are you worried and asking yourself the same question it seems everyone is asking right now, “Am I ok?” We know you must be worried about your retirement accounts as you see the numbers going down. Or maybe you are not wanting to look at your 401k and IRAs right now. It can be scary as that is your hard earned money, and it is tied directly to your quality of life in retirement.
In this video, Joe speaks directly to your concerns if you are already retired in this current market. Joe has been hearing these concerns and questions from our wealth management clients at Goodwin Investment Advisory in the last few weeks and he answers the question, “Am I going to be ok?” by sharing, “Yeah, you will be ok, but there are some things you need to think about.”
What should you be thinking about right now?
If you were already taking distributions out of your retirement accounts, decide if you really need to take those distributions right now.
If you currently take normal distributions and are stocking them into savings, it’s probably not the best time to take money out of your accounts that you don’t need presently. Talk to your advisor about adjusting this distribution.
If you can wait to take any distributions, it would probably be wise for you to do that.
Some of you are wondering, “Do I need to go back to work right now?”
Joe encourages you to check your cash flow and what that looks like, and ask yourself the following questions.
Do I have income from other sources?
Am I already taking Social Security?
Do I have a pension?
Are there areas of my budget I can tighten up on?
It is always a good idea to review your budget and see if you can make any adjustments.
The key thing is, “Do I have a plan at all?” Having a plan is key!
If you have an advisor that you trust, then it would be a great time to schedule a meeting with them and discuss your next best step to take. Maybe they will tell you to hold distributions, maybe you’re okay, or maybe you need to change your risk profile. Everybody needs to look at their risk profile right now: Are you too aggressive? Are you too conservative? Should you make any changes right now, or stay invested just as you are? This all goes back to a meeting with your advisor to make sure you know what your plan looks like. Everybody’s retirement plan is unique.
If you don’t have an advisor and you want to meet with one of us, we would love to get to know your story and hear your retirement goals, and see how we can guide you in reaching your goals. Schedule an intro call with one of our consultants to get started.