Worried About a Banking Crisis? Make Sure Your Retirement Account Is Set Up Properly
It's been a tough few weeks in the banking sector, and that turmoil is probably affecting your retirement accounts. High-profile bank failures and concerns about a full-on crisis are moving stocks and bonds. Consider these three steps to protect your retirement account from any retirement forces that could be causing problems.
In the short term, a banking crisis is almost certain to cause volatility and drive stocks lower. Turmoil in the banking sector leads to tighter lending standards, which stunts corporate growth and consumer spending. This increases the likelihood of a recession, especially with interest rates at elevated levels. Economic uncertainty and slowing corporate growth generally send stocks lower.
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Source Fool.com
