With the economic downturn of recent months, many Mississauga and GTA residents who are at or near retirement age have discovered their savings may not be sufficient to support the kind of retirement lifestyle they had been planning.
Some may choose to stay in their jobs rather than retire early, while others may experience market-driven job loss in addition to market volatility chipping away at their savings. The Mississauga and GTA real estate market is seeing reductions in house prices and a loss of equity for homeowners. The fallout of the financial crisis could have a long lasting and far reaching effect, and for many people the future holds uncertainty. That much is clear.
At the same time, investors who respond to the market rollercoaster with emotional decision-making could be locking in their losses rather than giving the market and their investments a chance to recover. Historically, the markets have eventually recovered after every downturn, but it’s hard to nurture that feeling of optimism when news reports continue to be gloomy. The current circumstances should drive people to consult financial professionals rather than try to conquer the situation alone.
Retirement planning must be able to accommodate the variables of a changing economic landscape. Mississauga’s Dedicated Financial Solutions/Manulife Securities team of Janet Baccarani and Jennifer Black can analyze an individual’s circumstances and create a financial plan that will help make their goals and dreams a reality. As Financial Advisors and Certified Financial Planners, Janet and Jennifer can determine if those goals are realistic and achievable, or how a retirement plan can be adjusted for changing needs. The transition period from employment income to retirement and fixed income can be less stressful with an appropriate plan in place, and Janet and Jennifer regularly review investment portfolios with their clients to help them understand and address any improvements that could be made. Most often, it is necessary to reassess the tolerance for risk, and balance that with the opportunity for growth as well as the long term objectives. Most people are willing to accept more risk when financial markets are stable, and they tend to panic when there is significant volatility. This reaction is natural. A skilled financial advisor can remain objective and recommend the right financial products, actions or decisions to take. In order to maintain the progress towards your long term goals, it is necessary to buffer your portfolio against excessive volatility with the right product choices. Retirement planning is more important now than ever, and residents of Mississauga and the GTA are welcome to contact the Dedicated Financial Solutions/Manulife Securities team for their knowledge and expertise.