Staying focused on your future
You may be wondering what the recent market volatility means for you personally, and for your retirement accounts.
The ups and downs of the market can be stressful for all of us saving for retirement, and the recent dips can feel overwhelming – but it’s important to remember that we’ve been here before, and we’ve managed. Historically, every downturn has been followed by a recovery. That’s why it’s important to consider the big picture when saving for retirement.
Jamie Ohl on staying the course
Our Retirement Plan Services team is committed to helping the 1.5 million plan participants we serve stay the course and focus on their long-term goals for retirement. We sat down with Jamie Ohl, president of Retirement Plan Services, to get tips on how to help weather the storm.
Retirement should be viewed as a marathon, not a sprint. With market downturns, savers may be tempted to move money out of plans or withdraw assets. However, it’s key not to hit the panic button. It helps to understand how compounding works in your favor as well as the potential tax implications you may face and how a withdrawal could negatively impact your bottom line. While the market may change dramatically in one day or one week, saving for retirement is done over years and decades, and should be based on a long-term strategy. Learn more about navigating market volatility.
First, you can consult a financial professional. A trusted professional can help you look at your financial situation holistically, answer your tough questions, and help strengthen your financial know-how. If you don’t have access to a financial professional, you can reach out to your plan provider. Some providers such as Lincoln Financial offer retirement consultants who can meet with you virtually to discuss market volatility and its impact on your retirement savings. Finally, you can use online tools designed to support you and help you make the most of your retirement plan. Take advantage of the tools and calculators available on LincolnFinancial.com.
Beyond health, family, and friends, it’s important to focus on the future. It can be difficult but think long-term. While the market may change dramatically in one day or one week, saving for retirement is done over years and decades, and should be based on a long-term strategy.
While there has been a lot of bad news over the past several months in the financial markets, downturns are a normal part of the market cycle, and we’ve managed through them before. We’ve seen major market disruptions in the past, and ultimately, they’ve always been followed by a rebound. Remember to stay the course and focus on your long-term goals.