What person near retirement, fearing being forced into early retirement, or already retired/semiretirement hasn't lost sleep about money? More specifically, their investments.
That expected anxiety can trigger panic. And that panic, reports MarketWatch, can result in serious losses in the investment portfolio.
In order to "save" what is left in a portfolio during the equities volatility set in play by COVID-19 there have been two bad moves.
One is to sell at the temporary bottom, at a loss.
Another is, even though the investment fund is growing, convert those stock funds into vehicles such as certificates of deposits yielding peanuts.
Instead of knee-jerk reactions on an angst-filled day, aging investors should stay in close contact with the financial planner and remain on a stable disciplined program.
As a coach, what I have found reduces the fear is to work more to bring in more income. In addition to the full-time job, hunt for side hustles. Already retired? Grab gig assignments or survival-kind of full-time and part-time jobs. With a regular flow of funds inward there is a sense of financial security.
Here, free to read, is my book on how to make a good buck, at any age, from working Download Outwitting ageism.
Another strategy - just as effective - is to embrace minimalism or radical frugality. Yes, even fixed expenses can be slashed. In 2014, I halved mine by relocating my business, myself, and my four-legged son from the New York Metro area to southwestern Arizona.
Coaching, lecturing, and writing/ghostwriting thought leadership content on human resources and careers.
For individual coaching – sliding scale fees. Complimentary initial consultation. The special area of expertise is the displaced over-50 professional. Please contact Jane Genova janegenova374@gmail.com.
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