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What Should Retirees Consider Doing in a Down Market?
The health aspect of the coronavirus affects everyone – we’re all concerned about our well-being and those of our loved ones and communities. However, the economic impact may vary among different age groups – and if you’re retired or about to retire, you might have some special concerns about starting to draw income from your investments when the financial markets are down. What moves should you consider making?
Here are a few suggestions:
You may want to consult with a financial professional to discuss the above suggestions and determine what other moves you might need to make. As a retiree, or near-retiree, it can be unsettling to start tapping into your resources when the financial markets are so turbulent. But if you’ve prepared or you’re willing to explore new courses of action, you can move into your golden years without getting unduly tarnished.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Edward Jones. Member SIPC.
What Should Retirees Consider Doing in a Down Market?Short /Radio version:
PSA: What Should Retirees Consider Doing in a Down Market?
Right now, we’re all concerned about the health of our loved ones. But if you’ve recently retired or you’re close to retiring, you’ve also got a big financial question: Do you need to cash out investments now, when their prices are down, to help support you?
You may be able to avoid this issue. For one thing, you could address your current income needs by relying on the cash, cash equivalents and short-term fixed-income investments in your portfolio. You might also be helped by your other income sources, such as Social Security, dividends and interest, and even your pension, if you have one.
Another step you might take is to review your withdrawal rate – the amount you take out each year from your IRA, 401(k) and other retirement accounts. It’s possible you may want to adjust this rate downward, at least temporarily, accompanied by modest adjustments to your spending.
In any case, you may want to consult with a financial professional before making any major changes. If you’ve prepared adequately, you can emerge from this period with your financial future still in good shape.
This is (FA’s NAME), your Edward Jones financial advisor at (Branch address or phone #).
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