Who isn’t thinking about their retirement accounts these days? It’s been a whipsaw of a ride for 401(k)s, Individual Retirement Accounts (IRAs) and other retirement funds lately. Stock and bond markets have been wild due to the coronavirus’ impact on the global economy.
My advice: Don’t overreact, but do use this as a time for an annual assessment of your retirement planning.
Markets go up and down, and if you’re in your 50s or 60s, you still likely have years ahead of working and earning an income. So, the market swings shouldn’t cause you great alarm (though they’re no fun).
I get the anxiety. It’s tempting to make swift changes to your portfolio in turbulent times. But hold your horses. It’s best to instead intentionally and pragmatically adjust your retirement planning as part of an annual routine. That way, you’ll stay focused on the long game.