: 4 strategies to recession-proof your retirement plan

by | May 20, 2023 | Stock Market

Protecting your retirement in the face of a potential recession means taking a hard look at your financial plan and making sure you have enough of a safety net if the economy falters later this year or next year. As many as two-thirds (67%) of U.S. adults expect the economy will enter into recession later this year, according to Northwestern Mutual’s 2023 Planning & Progress Study that looked at Americans’ attitudes and behaviors toward their finances.

“Periods of uncertainty provide opportunities to stress-test financial strategy,” said Christian Mitchell, chief customer officer at Northwestern Mutual. “Consumers want to know if their wealth building plans and their lifestyles will remain on track if the economy pulls back, and many are taking positive steps to prepare for whatever economic season may come.” For those who see a recession looming, one-third (33%) say it will be short-lived, lasting a year or less, while one-fifth (19%) say it will last more than two years. And among those anticipating a recession, three out of four expect it to have a high or moderate impact on both their near-term (78%) and longer-term (75%) finances, Northwestern Mutual said. The top three steps …

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