3 Things You Definitely Shouldn't Do While Planning for Retirement
Over the past few years, the market has no doubt tested the patience and resolve of some investors. Inflation has made things more expensive to buy, higher interest rates and a slowing economy may be contributing to higher debt levels, and a bear market has caused most investments to lose a lot of value.
These factors can all make it tempting to alter your retirement planning, but it is important to not let short-term issues affect your long-term strategy. Here are three things you should definitely not do in the face of market turbulence while planning for retirement.
If you are contributing to a retirement plan at work or have an individual retirement account (IRA) or your own personal portfolio of stocks and investments, you may consider dialing back the amount you contribute to save money, have a bigger paycheck, or stem investment losses. But the long-term loss of reducing your contributions from, say, 4% to 2% far outweighs any short-term "gain" you may see.
Source Fool.com
