Amid stock market dips and changes in policy under the Trump administration, older Americans are experiencing retirement uncertainty. Many are tempted to adjust their investments or worry about Social Security benefits, especially with budget cuts anticipated for government programs. Financial advisors are advising against panic, suggesting that instead of making drastic adjustments, retirees should stick to their plans, diversify income sources, and consider delaying Social Security benefits. Building emergency funds and reducing expenses are also critical strategies to help stabilize retirement plans during this volatile economic period.
"While it's difficult not to react when stocks are falling, this has often been the best course of action, or you risk locking in potential losses and missing out on any market recoveries," said Rita Assaf, vice president of retirement offerings at Fidelity Investment. "If you are saving for retirement, continue to stick to your plan. If you haven't created a plan, you should."
The biggest advice for older Americans right now from financial advisors: don't panic. The news cycle since President Donald Trump's inauguration has moved quickly, and most advisors caution older adults against making any major changes to their retirement or savings accounts.
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