The theme this week on the Retirement Quick Tips Podcast is: Stock Market Correction Is Here…What To Do Now

Yesterday, I talked about how I think a recession is likely at this point, and why I’m concerned that this current stock market could get worse. With that said, let me share with you why I’m not doing anything about it - at least for right now…

In May of 2020, right around the time that the stock market bottomed out and revered course after the Covid shock, Katherine Roy, Chief Retirement Strategist at JP Morgan said: “Investors crave control and may be tempted to act in a way that we know is likely to hurt their retirement strategy by selling out of the market after a significant loss, locking in those losses, but with every intention of reentering the market when it feels safer, whenever that may be.”

What’s the takeaway? It’s time in the market, not correct market timing that matters most for your long-term returns. Timing the market is such a futile exercise, that if you just refuse to give into the temptation to sell - even if you thing worse things are on the horizon - you’re going to sidestep the trap of thinking you’ll miss the worst of the decline and know when it’s time to get back in. 

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