Remain Calm- Wall Street losses appear daily. Falling 401(k) and IRA figures might be alarming for workers and retirees.
Revisit Your Budget- Inflation soared at the end of 2021 after years of stagnation. In a recession or not, people should rethink their spending.
Boost Your Emergency Savings- Keep your emergency fund accessible. "Don't lock up your money," says Barrow.
Reevaluate Your Job Situation- A recession is usually accompanied by an increase in unemployment.
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.
Pay Down Debt- Rising interest rates are good for savings but bad for debt-ridden families. Barrow says it's time to fight debt. "Interest rates will rise"
Convert Funds to a Roth IRA- Now may be a good moment to convert a 401(k) or regular IRA to a Roth IRA.
Max Out Retirement Contributions, If Possible
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