Retiring in a down market can feel like walking a tightrope in a storm. But don’t panic — financial advisor Barry Bigelow joined Money Matters Monday to share practical advice to help retirees stay steady during turbulent times.

“Step number one, avoid panic selling,” Barry emphasized. “It’s easy for the guy in a suit on TV to say that, but the statistics back it up. If you just miss the top 10 days in a 20-year period, your net return can get cut in half.”

He pointed to recent volatility, “Last week, there was an 8% drop followed by a 10% gain the very next day. If you sold on the down day, you locked in your losses and missed the bounce.”

Instead of reacting emotionally, Barry recommends revisiting how you draw from your savings. “In down markets, it’s probably time to look at that 4% withdrawal rule and ask, Should I reduce withdrawals? Should I pause and let my investments recover?”

Holding still might not be the best move either. Barry suggests reviewing your portfolio for opportunities, “A good portfolio has non-correlated assets. Maybe now’s the time to sell some bonds and buy stocks while they’re ‘20% off.’ If you’ve got cash, it’s a great time to put it to work.”

Finally, Barry reminds retirees that budgeting is key. “The number one determinant of success in retirement is whether your budget is reasonable,” he said. “Can you delay a vacation? Repair the car instead of replacing it? Reduce spending now so you don’t have to sell investments at a loss?”

If you want Barry to dig deeper into retirement planning, let us know! Email us or message us on Facebook — your financial peace of mind matters.