5 Ways to Make Your Retirement Recession-Ready
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 29 October 2024
⏱️ 31 minutes
🧾️ Download transcript
Summary
In this episode, we break down simple strategies to protect your retirement savings when the market gets rough. We'll start with why staying calm is key and how planning ahead can help you avoid emotional decisions. You'll learn how to match your investments with both your comfort level and your financial goals, plus why a balanced mix and a short-term "spending bucket" can keep you from selling at the wrong time. We'll also cover how fees impact your savings and why it's worth checking if they're delivering good value. Finally, we'll share the benefits of regularly reviewing your plan and how smart tax strategies can give you a boost during downturns.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.5 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.4 | I'm your host, Devin. |
| 0:14.6 | Join by my co-host, John Ross. |
| 0:17.0 | Howdy. |
| 0:24.4 | So, John, I don't know if you've noticed or not, but over the last few years, really, we've had a pretty good run in the market. |
| 0:31.1 | Yeah, no, that's true. |
| 0:32.3 | And I think that a lot of people have really gotten used to those sorts of returns. |
| 0:36.9 | I mean, I know I know it's going to |
| 0:38.1 | forever. Well, it has to, you know, that's right. Historically, that's all it does is go up, right? |
| 0:43.9 | Now, I'll tell you, though, there are some, there are some warning signs that we could be heading into, you know, some times of |
| 0:53.3 | of rough weather in the market ahead. Now, |
| 0:55.9 | here's the thing, though, those warning signs have been here, right? So I'm not coming on today's |
| 1:00.3 | show, you know, ringing the warning bell, saying run for the hills, because I think the market's |
| 1:04.8 | about to go down, because that's, that's not what I'm saying, but we can look at valuations. |
| 1:09.2 | We can look at how long this bull market has lasted. |
| 1:12.8 | We can look at the statistical likelihood of bear markets and understand how often bear markets |
| 1:19.3 | happen and say, my goodness, I think we may get overdue here. Yeah, well, I mean, just in the last, |
| 1:26.1 | the last day or two from this recording, Goldman Sachs issued a |
| 1:32.6 | report. And they said that their estimate was that the S&P 500 was going to return a 3% growth |
| 1:41.8 | over the next decade. Not 3% per year, but 3% from today to 10 years from now. |
... |
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