#200 - Market Correction Fire Drill - Step 1

from Retirement Answer Man · host Roger Whitney

Talking about a market correction can either seem scary or far-fetched in this economic climate. But it is important to understand that a market correction will happen. And it is important is to know what to do when the market correction does happen. On this episode, we will go over how to prepare for when the market correction happens. This episode explains step one of a multi-step process. You will want to make sure to listen to this episode and all the episodes in this series to help you prepare for the impending market correction. Don’t let the market catch you off guard! What are the most important things to do to help prepare your portfolio for any eventuality? How do we fortify our investments when the market correction happens? If you are near retirement assessing your risks is one of the most important things you can do to prepare yourself for retirement. On this episode, we go over two important questions to have in mind to see if you are really prepared for any eventuality. As you get closer and closer to retirement age you need to reassess your risks and their connection to how you hope to live in your retirement. Listen to this episode to find out which questions you should be asking yourself to prepare yourself for the inevitable market correction. How do you measure your risk tolerance? Have you really thought about your risk tolerance when it comes to your retirement investments? This episode will make you think again. You need to make sure you know how much risk you are taking in your investments. The investment industry maximizes your risk tolerance, but the last time you thought about risk may have been some time ago. Sign up for 6-Shot Saturday to get the PDF tables that I have created to help you really analyze your risk. You’ll want to listen to this episode to understand how to ensure that you are taking the right amount of risk for your comfort. Is your risk tolerance tied to the life that you want to live? Make sure your risk tolerance is actually tied to the life that you want to live in retirement. Sometimes the risks you can tolerate may have no actual connection to the lifestyle that you hope to live in retirement. Take some time to this week to really analyze the risks that your portfolio is set up to take. Are these the risks that you are willing to withstand, and how could these potential risks affect your retirement? You can use the PDF models that I will send out in 6-Shot Saturday to help you analyze your risk tolerance. Be sure to listen to the full episode to find out what else you should be thinking about to prepare for the market correction. Find your balance As you begin to move from the accumulation phase to the distribution phase of your investing your risk-taking behaviors may need to be tweaked. Finding the right balance that you are looking for is the first step in preparing for a market correction. The PDF models that I use will really help you get a grasp of your risk tolerance and help you visualize your chances of success with different planning models. These models will help you strike the balance that you are looking for in your investments. Make sure you listen to this episode to hear how mitigating your risk can help you prepare for any market correction and be sure to sign up for 6-Shot Saturday to get the free PDF model to help you make the right choices for your investments. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] A market correction hasn’t happened for eight years, how will you handle the next one? HOT TOPIC SEGMENT [4:52] What to do when the market correction will happen [9:20] Let’s learn about risk tolerance PRACTICAL PLANNING SEGMENT [18:47] I answer questions on health insurance costs [21:50] What are some book recommendations for retired people THE HAPPY LAB SEGMENT [26:11] On self talk becoming your reality TODAY’S SMART SPRINT SEGMENT [28:21] Understand how much investment risk you are taking and analyze whether that is the risk you are willing to take Resources Mentioned In This Episode BOOK- Essentialism by Greg McKeown BOOK- The Slight Edge by Jeff Olsen BOOK - Investing for a Lifetime by Dr. Richard Marston BOOK - Rock Retirement by Roger Whitney Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page

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This episode is 31 minutes long.

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This episode was published on December 13, 2017.

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