Managing Your Money

Recession-Proof Your Retirement In Four Easy Steps

The economy has been hitting your retirement fund hard.  Between the fluctuating market to the threat of inflation, it’s no wonder that you’re worried about the health of your retirement savings – and are possibly tempted to just put off saving for retirement until the recession disappears.  However, now is not the time to give up! 

 

We’ve got four of the easiest yet most effective weapons you can use in the battle against a downturn economy – so you can spend more time planning your dream Florida retirement and less time worrying about the current bear market.

 

Buy More Bonds.  Now that stocks are wildly fluctuating, it’s time to chuck some of your riskiest stocks in favor of safe investments, like bonds, TIPS and CDs.  Ask your investment advisor which investments will best balance out any losses you may incur due to shaky stocks. 

 

Become An Entrepreneur.  For many retirees, quitting their day jobs just isn’t an option.  If you want to look for something to do during your retirement, why not dabble in a bit of entrepreneurship?  Sell your crafts online, write articles for newspapers or invest in real estate – whatever you choose, make sure it can make you money!

 

Keep A Constant Check-up.  It’s important to talk to your investment advisor about the health of your investments every year, no matter what kind of condition the market is in.  Make sure your portfolio is continually updated so that you’re taking on the appropriate amount of risk for your age.  Remember, you want your investments to be more conservative the closer you get to your retirement age. 

 

Consider Moving Up Your Retirement Age. If you saw a sharp decline in your 401(k) retirement fund as a result of the recession, consider retiring between the ages of 65-67.  It’s going to take just under two years in order to recoup any losses that you may have experienced, so working just a few more months can make a huge difference.

 

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401K experts!

 

 

Authored By Kenneth Himmler, Sr.

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