Michael Wagner Shares Financial Moves for Retiring Smoothly in a Bear Market with Money
While the freedom and relaxation of the retirement lifestyle are undoubtedly appealing, the transition to retirement isn’t always straightforward, and the current market environment has many soon-to-be retirees understandably stressed. Is it wise to be without a regular paycheck during this tumultuous economic period?
Michael Wagner, co-founder and chief operating officer at Omnia Family Wealth, recently spoke to Money to share some financial moves to make when retiring in a bear market.
Firstly, it may be tempting to cut your losses and pull money onto the sidelines; however, Wagner advises against panic selling. Pulling your money out now could mean missing out on the recovery.
“That is what’s truly destructive to people’s planning: throwing in the towel,” Wagner tells Money. “The challenge there is then getting back in and that’s very hard to do.”
What should you do instead? If you are nearing retirement, check your asset allocation to ensure it is on target and rebalance if necessary.
“It’s really about checking in on your asset allocation regularly as you get closer to that date and making sure that it’s still in line with your time horizon and where you need to be,” Wagner says.
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