Brian Dress explains three ways to protect your retirement if a recession hits: don't panic-sell during market swings, reassess your risk tolerance and adjust your portfolio if needed, and talk to a professional before withdrawing money in high inflation.
Hi, I'm Brian Dress with Left Brain Wealth Management. With so much talk about recession and inflation in the headlines, you might be understandably nervous. In this video, I'll be discussing what you can do when a recession does seem imminent. Recessions certainly can feel like a financial whirlwind, and the best way to prepare is a solid financial strategy. One of the hardest parts of a recession is the market panics, volatility, and emotional highs and lows that can occur. When you do happen to hit one of these low points, I want you to keep these 3 things in mind. First, we want you to avoid knee-jerk reactions. Watching the stock market and the value of your investments roller coaster can test the patience of even the most disciplined investor. But avoiding emotional reactions is absolutely critical to helping you achieve your long-term goals. Second, we want you to revisit your risk tolerance in your portfolio. If recent volatility has you uneasy, reconsider how much risk you're actually willing to accept in exchange for potential growth in your portfolio. If your risk appetite has decreased because your life's priorities have changed, I can help you revisit your strategy. And third, this is the time to reach out for advice and reassurance. It may be tempting to cash out and stay on the sidelines, but that's almost ensuring losses, especially in today's high inflation environment. Instead, give me a call and we'll discuss current conditions and what it means for you and your portfolio. Finally, now is the time for you to rely on a professional for direction and guidance. You aren't alone in these uncertain times. If you happen to have a question about what I've discussed, I want to speak one-on-one about what's going on in the markets, please use the form below and send me a message. I'll respond personally and promptly. Thank you, and I look forward to speaking with you.
