April's stock market has been tumultuous, particularly following President Trump's tariff announcement, prompting a swift downturn. While workers have time to recover from market dips, retirees face more immediate challenges as they depend on their portfolios for income. Yet, experts advise against hastily selling stocks; instead, retirees should evaluate their asset allocation strategies to navigate market volatility effectively. Maintaining a balanced portfolio, such as a mix of stocks and bonds, can help mitigate financial impacts during downturns.
If you're someone in your 30s or 40s, it can be disheartening to see the value of your portfolio take a massive dive. The good news, though, is that if you're 20 or 30 years away from retirement, you have plenty of time to ride out this storm.
It's a different story if you're retired already and are therefore relying on your portfolio for income. In that case, a down market could have a serious impact on your near-term finances.
But that doesn't mean you should rush to dump your stocks. You may just want to take a closer look at your investments.
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