A downturn in the market can seriously affect your retirement savings. Take, for example, the 2008 crisis when Americans lost around $2.7 trillion from their defined contribution plans and IRAs, according to reports of the Urban Institute. With clear signs that the US economy has slowed amid the COVID-19 crisis, we might be on the brink of another recession which could plummet the value of many people’s nest eggs.
Fortunately, there are steps you can take to make sure your retirement savings are not affected by any recession and you are still able to enjoy your golden years the way you deserve.
