The theme this week on the One Minute Retirement Tip podcast is: How To Recession-Proof Your Retirement.

Today, I’m talking about how to have more control over your finances in a recession. Two of the biggest impact actions you can take in advance of a recession is to keep plenty of cash on hand and rebalance your portfolio. With the stock market and the economy charging ahead, now is the time to insulate yourself and prepare for the next recession.

If you wait until the recession hits, it’s too late. The stock market is usually the first domino to fall in a recession and it’s impossible to predict. 

If you missed earlier episodes this week, I went into the strategies on keeping cash and rebalancing, so go back and have a listen to those if you missed any. 

Moving on to today’s topic…let’s say a recession hits today. What do you do now? Flexibility is key! Can you afford to stop your portfolio withdrawals? Could you work part-time? If you had to, could you change your lifestyle by putting off travel and shopping more economically for groceries? You may not even need to do any of these things, but if you had to, where can you cut the fat first? 

Thinking through this and making a plan will help you mentally prepare for the next recession. When you’re prepared for the storms, you can keep a level head, and not panic and make rash decisions with your investment portfolio because you’re freaked out and you don’t know what to do. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance