Whatever You Do, Don’t Panic
“Even if you’ve just retired or you’re planning to retire a year or two from now, don’t panic,” Charlie Nelson, CEO of retirement at Voya Financial advised in a LinkedIn blog post. “You, too, still have to think about the long term. Certainly, you need to consider how to best fund your initial years in retirement without sacrificing the ability to generate returns over a longer period of time. Keep tabs on the market, but don’t assume your plans are off or need to change all that much, as ultimately, you still have plenty of time to be in the market.”
According to Nelson, a good example of how the economy can get back on its feet is the 2007-08 global financial crisis. “The U.S. economy contracted by 0.1% in 2008 and 2.5% in 2009. But, by 2010, the economy was growing at pre-meltdown rates, and stocks largely recovered by 2013,” he explained.
