Millennials: Your Best Retirement Plan Is to Hold Tight
Hey, we get it. When crisis strikes, the market goes crazy. Even long-established companies may close up some brick-and-mortar locations, and the well-known risk of investing starts to feel like more of an unknown, and perhaps too risky… but hear us out. The absolute worst thing you could do for your finances and your future at moments like these is liquidate. Instead of feeding into the frenzy, hold tight, hunker down, and wait for the storm to pass. You’ll be so glad you did.
Millennials: We’re Talking to You, Bebes.
Boomers might need your help to sync their phone to a Bluetooth speaker, but there’s something they’re winning at that it’d be in your best interest to add to your reality: on-point risk assessment.
As part of the Millennial generation, you have anywhere from 20 – 30 years until you can access your retirement funds without penalty. You might feel like the market is risky now, but consider this: the best retirement plan for Millennials is a diversified one. If you’re working with a financial planning firm that’s worth their salt, your money is buffered against extreme market moments by a combination of built-in diversification and time.
The short version? You don’t need the market to be okay right now; you need it to be okay later, eventually. You need your investments to trend upwards steadily over time so that your retirement funds are there when you need them.
So don’t freak out! Take some slow, deep, relaxing breaths. (No, really. Here’s a great 5-minute breathing meditation. You’ve got this!)
Your financial planner will help you ensure that your funds are diversified and supporting your ultimate goals of an awesomely abundant retirement. And if you have questions, we’re here to help put your mind at ease.