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#69: Managing Retirement Finances During Economic Downturns

#69: Managing Retirement Finances During Economic Downturns

In this episode of The Retirement Readiness Podcast, we’re addressing a critical concern for retirees: how to navigate economic downturns once you’ve left the workforce. Hosts Katie Umland and Tim Regan engage in a candid discussion about the strategies retirees can employ to protect their financial security during turbulent market conditions.

“Once you hit retirement age, I lose all of my ability to flex…because I don’t have income coming in anymore that I can recover with,” Tim explains, emphasizing the importance of preemptive financial planning before a downturn occurs.

Tim and Katie delve into the significance of diversifying one’s portfolio, not just in stocks but across risk categories to ensure resilience against market fluctuations. They introduce the concept of the “bucket” strategy, a method that can provide retirees with a structured withdrawal plan to maintain steady income without panic selling during market lows.

The episode stresses the role of a financial advisor as a critical partner in this journey, offering guidance tailored to individual circumstances. Plus, the hosts share insights on differentiating between mere market noise and genuine downturns, equipping listeners with the knowledge to remain calm and stick to their plans.

Whether you’re facing your first market correction in retirement or looking to refine your wealth management strategies, tune in for practical advice and peace of mind.

3 Key Takeaways:

  1. It’s vital to have a structured plan for market downturns, including a well-diversified portfolio and a strategy like the “bucket” approach.
  2. Economic downturns are inevitable, but with the right financial planning and advisory support, retirees can confidently weather the storm.
  3. Relying on a financial advisor can help set alarms for necessary adjustments, ensuring a stable financial footing without constant monitoring.

Join us in this episode for valuable tips on safeguarding your retirement lifestyle amidst economic uncertainties. Be sure to explore our previous episodes for more insights!

 

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Practice Disclosure:

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. PrairieView Wealth Partners and Thrivent Advisor Network, LLC are not affiliated companies. Information in this message is for the intended recipient[s] only. Please visit our website www.pv-wp.com for important disclosures. Securities offered through Purshe Kaplan Sterling Investments(“PKS”), Member FINRA/SIPC. PKS is headquartered at 80 State Street, Albany, NY 12207. PKS and PrairieView Wealth Partners are not affiliated companies. The material presented includes information and opinions provided by a party not related to Thrivent Advisor Network. It has been obtained from sources deemed reliable; but no independent verification has been made, nor is its accuracy or completeness guaranteed. The opinions expressed may not necessarily represent those of Thrivent Advisor Network or its affiliates. They are provided solely for information purposes and are not to be construed as solicitations or offers to buy or sell any products, securities or services. They also do not include all fees or expenses that may be incurred by investing in specific products. Past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. You cannot invest directly in an index. The opinions expressed are subject to change as subsequent conditions vary. Thrivent Advisor Network and its affiliates accept no liability for loss or damage of any kind arising from the use of this information.  

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