A Financial Advisor Can Prepare You for A Wintery Market

A Financial Advisor Can Prepare You for A Wintery Market Premiere Wealth Advisors

When the winter season comes around, you’ll likely have to adjust your routines and prepare for the cold. If you’re in colder states, you may be looking to purchase a new winter coat or snow boots, or skiing equipment for your winter holidays. Or you may be restocking your snow salt for what are soon-to-be icy sidewalks and driveways. If you live in warmer states, maybe you’ve closed your windows and patios and put your fans and AC units away.

The same way you prepare for the winter, you might have to prepare your retirement finances for a potential recessionary period. The tricky part is preparing in a way that makes sense for you. There is no simple fix for getting ready for a rocky economy – what is right for you may vary based on your unique financial situation, goals, and retirement timelines.

What Can We Expect from the Markets?

We might see sustained inflation, more market volatility, and an overall tighter economy. For one person, that might mean reassessing their risk tolerance and portfolio holdings to make sure that they hold assets that will at least sustain their value or provide a safer return, such as an interest rate or a dividend yield. Others may take a closer look at their income streams and see how they can either adjust their lifestyles to fit increased inflation or move assets around to provide them with more supplemental income. And others may have sold their homes to downsize to a new one, only to find it harder than before to sell at their target price or to find a mortgage rate that fits their budget.

When markets were smooth sailing, it may have felt easy to put your retirement finances on autopilot and watch them grow. But retirement is a long-term game, and along the way, there are bound to be setbacks and downturns like the one we’re seeing now. So, preparing for the likelihood of a pullback or recession is crucial when it comes to retirement planning.

Why Meet with a Financial Advisor?

There are many factors to be aware of when it comes to protecting what you’ve worked so hard to save for during hostile market environments. That’s why it’s more important than ever to consult a financial advisor that has your best interests in mind. There are many advisors out there that want to sell you cookie-cutter financial products that may not be right for you. Finding an advisor that can offer you a wide range of products and services based on your unique financial situation and goals is a great way to make sure your retirement is protected and can provide you with what you need.

Talk to us today if you want to take the next step forward in protecting your retirement plan for whatever the markets may throw at us.

Share This Story, Choose Your Platform!

Related Posts

Creating and Maintaining Generational Wealth in Retirement

Creating and Maintaining Generational Wealth in Retirement

In today’s fast-paced world, ensuring financial stability for future generations can be a daunting task. However, it is a common goal for retirees to create and maintain generational wealth in retirement. What better way to leave a legacy than to provide financial...

Banking Sector Issues and Your Finances

Banking Sector Issues and Your Finances

In recent months there have been 3 major bank shake-ups: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank.[1] This has generally led to fears that there is a larger recession on the horizon. The financial crisis of 2008 was also precipitated by bank...

How Long Can I Keep My Money in My Retirement Account?

How Long Can I Keep My Money in My Retirement Account?

In most cases, you can’t actually keep your money in your retirement accounts forever. Even if you don’t need the money from your retirement accounts, many of them will require you to begin withdrawing from them when you are 73 years old.[1] This is called a required...