HOW TO STAY THE COURSE IN RETIREMENT
In the past few weeks, we have seen economies be brought to a standstill by COVID-19, unprecedented social measures announced by governments around the world, and a new, unusual rhythm of living that many of us are still settling into.
Even for the most measured of investors, staying the course in such times can be challenging, and perhaps particularly so for those who have retired.
You may have read in the news that many investors are “buying the dip” and taking advantage of trading opportunities caused by the volatility, with the view that share prices will eventually rise again.
REASSESS YOUR ASSET ALLOCATION
Staying the course doesn’t necessarily mean do nothing. More practically, it means sticking to your investment plan but periodically re-evaluating your asset mix to ensure it’s still aligned to your goals, time frame and appetite for risk.
RETHINK DISCRETIONARY SPENDING
Reducing spending where possible goes without saying during difficult times but nobody would label it an ideal solution. But while you can’t control the market nor predict its movements, your discretionary spending is however a factor that you can adjust
RELAY CONCERNS TO A TRUSTED ADVISER
A good financial adviser often shines most brightly during periods of market uncertainty. When you’re not sure what best to do, advisers can offer guidance and support that’s tailored to your individual circumstance.