Re-establishing your goals during recovery by Mike Karbouski, vice president of the Wealth Management Group at Securant Bank & Trust, and a financial advisor with Sorrento Pacific Financial LLC.
The Great Recession has been called the worst bear market since the Great Depression. Many investors have seen their retirement account balances decline by 30 percent or more.
That said, the most productive step you can take as an investor during this economic recovery is to regain control of your financial future. Especially in the aftermath of significant portfolio losses, it’s important to consider these basic strategies to put you back on track with your retirement goals.
Manage spending – Although it might be a sobering experience, take a real assessment of your spending habits and reset your expectations for spending in retirement. Reduced spending might have more of an impact on your retirement than you think.
For more of Karbourski’s piece, click here.