Every day seems to bring fresh news of losses on Wall Street. For workers and retirees who have their retirement money invested in 401(k) accounts and IRAs
Rebalance Your Portfolio
This can be a distressing time for those who have seen their retirement fund balances drop by 20% or more this year
Revisit Your Budget
After years of being relatively flat, inflation came back with a vengeance at the end of 2021
Max Out Retirement Contributions, If Possible
For those who are able, now is a good time to contribute the maximum allowed in tax-incentivized retirement funds such as IRAs and 401(k) accounts.
Convert Funds to a Roth IRA
If you have funds in a traditional retirement account, such as a 401(k) or traditional IRA, now could be a good time to convert those funds to a Roth IRA.
Boost Your Emergency Savings
With storm clouds on the horizon, now is the time to be sure your rainy-day fund is filled.
Pay Down Debt
Rising interest rates may bode well for savings, but they could put a strain on families with debt.
Reevaluate Your Job Situation
A recession is usually accompanied by an increase in unemployment.