New retirees who are looking forward to relaxation, travel, and time with family may be unpleasantly surprised by headlines about inflation and a stock market slump.
According to CNBC, 2022 is a precarious time to retire. Not only is there the potential for inflation to continue to rise, but the stock market is in a slump that some experts believe has only just begun. This means that new retirees face significant challenges in protecting their investments and ensuring their financial security.
The first few years of retirement are crucial, according to financial experts. CNBC quotes David Blanchett, head of retirement research at PGIM, as saying, “Those first few years could be really important in terms of what you end up experiencing for your outcome.”
How can you keep your investments safe? A few things to try include:
- Pulling back on spending
- Keeping your portfolio diversified
- Staying disciplined with your investments
- Working with a financial advisor
- Making catch-up contributions to retirement accounts
- Working part-time in retirement
At The Seniors Center, our goal is to help you enjoy a long, happy, and healthy retirement. Through resources on Social Security, we’re helping seniors navigate finances in retirement with confidence. And we’re calling on Congress to make changes that would protect the future of this important program.