Retirement Weekly: 4 ways to help recession-proof your retirement savings

by | Sep 10, 2022 | Stock Market

We keep hearing that we may be in or almost in a recession. Anyone who was working when the Great Recession hit in 2008 knows the negative impact it had on their finances. But the economic indicators in 2022 aren’t the same as they were in 2008—so we’re not sure how bad this one will be, if and when it happens. Although the causes of a recession are out of our personal control, there are steps we can each take to help safeguard our own finances from the ripple effects. Are we in a recession?

A recession is generally defined as two consecutive quarters of decline in gross domestic product (GDP), although it must also be declared as such by the National Bureau of Economic Research (NEBR). We have now passed the first milestone, as GDP decreased 0.9% in Q2 2022 following a dip of 1.6% in Q1 2022. But we haven’t passed the second one yet with the NEBR, and it’s not certain that we will. But what matters to each of us is how the economy feels, and right now, it may feel uncertain. Whether or not it’s called a recession, we’re living through …

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