Welcome to a new week here on the Retirement Quick Tips podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the podcast is: Stock Market Correction Is Here…What To Do Now

Earlier this month, the Dow Jones Industrial Average entered correction territory, which is defined as a drop of 10% or more. As I sit down to record today’s episode, the stock market had it’s best week since 2020, so the Dow has recovered quite a bit. Now it’s down 4% this year, the S&P 500 is down 6% this year, and the tech-heavy Nasdaq is still down in the double digits with a YTD drop of about 11%.

I’ve also started to receive some emails and calls from clients who are worried about what’s happening out there right now. One email I received the other day from one of the 401k participants in a plan I manage read: “Hey Ashley - I was wondering how I go about putting all of my stocks in a safer investment?  I want to move to wherever I need to in case the market crashes so I don’t lose a ton of money.  Can you help me with this?”

While corrections are a healthy and normal part of typical market cycles, this correction seems more perilous than most I’ve experienced thus far in my 14 year career as a financial advisor. 

Inflation, higher interest rates - either of which could derail the US economy into a full-blown recession - then there’s the war in Ukraine, continued economic dislocations and supply chain issues from Covid, and worst of all, none of these issues seem to be going away anytime soon. 

So this week on the podcast, I’ll share with you my view on these scary and uncertain times, and what I think is the prudent way to act when you’re standing in the fork in the road. Is this just a brief and healthy, normal correction? Or is this the beginning of a full-blown recession and major market downturn - the likes we haven’t seen since the financial crisis in 2008?

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement, and help provide more clarity on how to manage a stock market correction. 

And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation. 

That’s it for today. Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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