How to Retire During a Recession?


Use the following guidelines to prepare for a resilient retirement.

Look at Financial Projections

You can use technology to keep track of your available financial resources and make a retirement budget. There is software available that can tell you how much your assets need to average to provide you your desired income, and they factor in things like inflation, Social Security and sequence of returns.

Evaluate Your Portfolio

If you’ve been saving for retirement for several decades and have various investments and accounts, look at how your funds are allocated. Most retirees are no longer in the wealth accumulation phase of their life and have moved into the distribution and wealth preservation phase, and their portfolio needs to reflect that by minimizing risk. You can talk to a financial advisor about ways to get through the coming years and what to expect from your investments going forward.

Consider Your Work Options

For individuals who are healthy enough to continue working, staying employed for another year or two may be an option. Every year you work can help you build up more retirement savings and potentially increase your eventual Social Security benefits. 

Understand Health Expenses

If you’re age 65 or older, you are eligible for Medicare coverage. However, there will still be health-related costs during retirement. You’ll want to think through how much you will spend on healthcare before signing up for Medicare or a private health plan if you are not yet age 65. 

Review Your Social Security Benefits

If you have worked and paid taxes into the Social Security program, you will be eligible for retirement benefits. If you are at least age 62, you can begin collecting Social Security benefits, though they will be reduced if you are not yet at full retirement age, which is usually age 66 or 67. If you wait until you are past your full retirement age, your Social Security monthly benefits will increase each year up to age 70.

Lower Living Expenses

Try to eliminate unnecessary expenses or move to a place where the cost of living is lower to spend your retirement days in peace.

Talk to Others

You might have friends and co-workers who are retiring around the same time as you who can offer insight regarding their plans. It’s good to know about others’ plans.

Questions, comments, or concerns? We’d love to hear from you! Send an email to [email protected] or book a call at

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