When the winter seasons come around, you’ll likely have to adjust your routines and prepare. If you’re in colder states you may be looking to purchase a new winter coat or snow boots, skiing equipment for your winter holidays, or you may be restocking your sand or salt for what are soon-to-be icy sidewalks and driveways. Even if you live in warmer states, maybe you’ve closed your windows and patios or put your fans and AC units away.
The same way you prepare for the winter, you might have to prepare your retirement finances for a potential recessionary period if you haven’t already. The tricky part is preparing in a way that makes sense for you. There is no simple fix for getting ready for recessionary periods – what is right for you may vary based on your unique financial situation, goals, and retirement timelines.
We might see sustained inflation, more market volatility, and an overall tighter economy. For one person that might mean reassessing their risk tolerance and portfolio holdings to make sure that they hold assets that will at least sustain their value or provide a safer return such as an interest rate or a dividend yield. Others may take a closer look at their income streams and see how they can either adjust their lifestyles to fit the increased inflation. And others may have thought to sell their homes and downsize to a new one, only to find it harder than before to sell at their target price or to find a mortgage rate that fits their budget.
When markets were smooth sailing, it may have felt easy to put your retirement finances on autopilot and watch them grow. But retirement is a long-term game, and along the way, there are bound to be setbacks and downturns like the one we’re seeing now. So, preparing for the likely hood of a setback or recession is crucial when it comes to retirement planning.
There is a plethora of factors to be aware of when it comes to protecting what you’ve worked so hard to save for during hostile market environments. That’s why it’s more important than ever to consult a financial advisor that has your best interests in mind. There are many advisors out there that work to sell you cookie-cutter financial products that may not be right for you. Finding an advisor that can offer you a wide range of products and services based on your unique financial situation and goals is a great way to make sure your retirement is protected and can provide you with what you need.
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It sounds so simple, but one of the best things you can do to prepare yourself for the effects of an uncertain market on your retirement plan is to simply have a financial advisor. A financial advisor has the knowledge, tools, and diligence needed to adjust your portfolio based on your unique and complex situation. To get started with a financial advisor, contact us at (540) 720-5656.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter.