watching the stock market fall hundreds of points for many consecutive days. It was the Great Recession of 2008 and one of the steepest market declines on record. Hard to believe, but it’s been over 10 years since that turmoil tarnished our outlook on the free enterprise system and caused many investors to go into “the bunker” with their tolerance for risk.
Happier days, however, were ahead. Unless we have an unforeseen downturn, we will likely celebrate a full 10 years of the bull market on March 9th of this year. A decade ago, the Dow was around 6,500 and that is where the bull run began that took us over 26,800 before the recent pullback. It has been a spectacular run.
But, the recent correction in November and December reminds us that the bear is always lurking, and with that reminder is the admonition to always be prepared. With the markets going up, it is easy to forget about the hardships we faced in the last recession. Statistics show that we might have forgotten many of the lessons the Great Recession taught us.
It seems like never before have the expectations of an economic slowdown been more prevalent and our retirement savings been less prepared.
But it’s not too late.
Here are a few things you can do now to prepare for “the next one.”
We don’t know for certain whether “the next one” is right around the corner or many months away. What we do know is that the time to fix the roof is when the sun is shining…and there are clouds gathering on the horizon.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.