Investing for retirement can be tricky by itself.
A looming trade war between the U.S. and China doesn’t help to alleviate those pressures.
In these volatile times, retirees should talk with their financial advisers to pick the best asset allocation strategy that’s right for them. This can help minimize the harm that markets can inflict on investors.
In the meantime, here are a few ways retirees can best protect themselves from the unpredictability of the market.
Don’t Panic
Financial planners will tell retirees that emotional investing should be avoided at all costs and in fact, with the way markets are today, experts say retirees should do nothing at all right now.
What You Need to Know About Retirement Planning
Careful consideration should be taken with how retirees invest for the future, and any financial decision should be based on their situations, not on what the market is doing, says Ed Snyder, co-founder of Oaktree Financial Advisors. Revisiting short-term goals does not mean changes have to be made, but it’s smart for retirees to evaluate what their options are and identify what parts of their portfolios might need to improve based off of their own circumstances.
“This is the time to be disciplined,” Snyder said. “Human instinct is telling you that you should be doing something right now, but in reality, you probably shouldn’t do anything.”
Read more at The Street