It is a refrain we hear repeated over and over right now.
“I can’t retire because my 401k took a big hit”
You hear friends and family members who say they feel frustrated, trapped and even angry by what has happened on Wall Street.
The decline of the market has left many people scared and at a loss as to what to do with their investments now.
Bill Losey has over 20 years experience in the financial services industry and is a Certified Financial Planner£ practitioner, a Certified Senior Advisor and Certified Retirement Coach.
He is the author of
Retire in a Weekend! The Baby Boomer's Guide to Making Work Optional.He says it is time for you take back control and let go of the fear that is crippling you.
He offers these six ways to make retirement a reality even in a bad economy.
1. Control your emotions - take a deep breath.
During this volatile period and every volatile period there is always a cycle of greed and fear.
Greed and fear are the two things that move the market.
We have periods where the markets get ahead of themselves and investors become too optimistic – and other periods where investors begin to panic, throw the baby out with the bath water, and become overly pessimistic.
We are obviously in the throes, or very close to the latter scenario.
This volatile period will pass like all the others have.
