You’ve planned ahead and consider yourself financially savvy, but in the face of high inflation, an unpredictable stock market, and rising interest rates, it’s natural to feel anxious. But downturns and fluctuations are a normal part of the cycle. A good way to keep your cool? Focus on the future, and look to trusted experts when weighing your options.
Lincoln Financial Group offers a variety of products and services to help you maintain your lifestyle and continue to save toward your goals, even amid a volatile market. The company has been a forward-thinking industry leader for more than a century, offering innovative solutions to suit the needs of any type of investor. To help you navigate today’s rougher waters, here’s Lincoln Financial’s three-part plan.
1. Stay the course
When the market starts to dip, you may feel a jolt of panic and want to pull your money out. But it’s important to remember that, historically, every downturn has been followed by a recovery. Don’t let your emotions take over. Moving your money or making investment changes during a dip may cause you to lose out on an upswing.
2. Save consistently
Regular saving is key to meeting your retirement goals. Continuing to invest, even amid slumps, typically results in a considerably higher return than if you were to temporarily pull your money out of the market.
Work with your financial advisor to determine your savings plan, but a standard rule of thumb, according to Lincoln Financial, is to save 10 to 15 percent of your salary to stay on track for retirement.
3. Control what you can
A diversified portfolio of stocks, bonds, and low-risk stable value options can help manage market ups and downs. Trending, non-traditional investment options like crypto may seem appealing to risk-tolerant investors, but consider adding a safer product like an annuity to your retirement plan.
An annuity is a long-term investment plan that can provide protected growth and income for the rest of your life. Lincoln Financial offers a variety of annuity products, from fixed rate to variable, so you can choose the option that best fits your needs. Get added financial security with life insurance and long-term care coverage, both also available through Lincoln Financial. The combination of these products will help shape your financial future while also protecting your loved ones.