If you’re late to the retirement savings game – or if your portfolio took a big hit – what can you do?
“What we’re often counseling clients on is how they look at investment strategies, and synergistically look at different facets of their financial lives and taxes,” said Laurie Siebert, senior vice president of Valley National Financial Advisors, based in Bethlehem.
Working longer and being willing to risk more money in stock investments might be some ways to recap losses sustained, according to Siebert.
“But staying out is not a way to gain ground,” she said.
Even those who experienced investment losses in their retirement portfolios since 2008 may want to reconsider the stock market along with other kinds of investments which could guarantee income in later years.
It’s important to stay in the markets, even when times are tough.
According to Siebert, some might wait too long to get back into the stock market.
“Waiting too long and then buying when stocks are rising is not the best time to buy,” she said.