Nearing Retirement Age? 5 Tips to Navigate a Market Recession
Living through a recession is scary at any age, but it can be even more alarming when retirement is near. At that point, you don't have years and year to ride out a stock market downturn, and if you lose your job, finding a new can be difficult in the face of age discrimination. If you're getting close to retirement and are worried about the impact COVID-19 might have on your senior years, here are a few tips that may help you cope.
A lot of people are worried that it could take a long time for our economy to recover from its current mess, and for the stock market to recoup its massive losses from earlier in the year. The truth, however, is that while it could take time, it may not take a ton of time. The recent economy and stock market crash were fueled by one very specific cause, and once the right scientific breakthrough is made, we may find that recovery happens somewhat rapidly. As such, try not to obsess over the unknowns, and instead, focus on action items you can take to avoid a blow to your retirement plans.
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Source Fool.com