Learn how “it’s different this time” are the four most dangerous words in the stock market world and how to get ready for the next market correction.

Main Questions Asked:

• Are we on the verge of the biggest market correction?
• How to get ready for the next market correction?

Key Lessons Learned:

The Seven Surprising Lessons from the 2008 Financial Crisis That Can Help You No Matter What Is Next for the Stock Market:

• Asset allocation and diversification remains as one of the pillars of retirement planning. A properly diversified portfolio that mirrors your appetite for risk can get you through any market changes.
• You have to manage your risks. Risk has many different faces like longevity, taxes, inflation, health care, long-term care, interest rate risk, and sequence of withdrawal risk. When saving money, gains are amplified and losses are diminished. Assets need to be positioned about 5 years before retirement.
• Expect the unexpected. Job loss, early retirement, health issues, caring for parents of kids. There are all kinds of unexpected things that happen to us when preparing for retirement. Have 6 to 12 months of living expenses in reserve.
• You have to have a strategy to withdraw money from retirement accounts. The sequence of your returns and forced distributions could force you to withdraw when the market is down. A strategy needs to be created early before you retire.
• A future crisis is a buying opportunity and time for tax law harvesting. If you have a balanced portfolio and stocks drop it might be time to rebalance and buy more. It’s also a good time to take advantage of tax laws and sell losers.
• Government officials and financial experts don’t know everything. Older strategies may not work. It takes a creative and smart strategy to send you monthly checks while the market is down.
• It’s important to hire a financial advisor to create a comprehensive overall financial plan. Insurance, debt, emergencies and all of this are included in a plan. The plan is about many things working together including social security, long-term care, taxes, and more.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!