Seven Expert Tips for Managing Your Retirement Savings in a Volatile Market

It’s not uncommon during periods of high market volatility to feel worried about the future and to consider making rash financial moves in order to safeguard your savings and investments. This can be especially true when it comes to your retirement savings, as this is the money you’ve set aside for living expenses once you’ve reached retirement age and are no longer working. The move you make here, however, could be the difference between a secure retirement and a major loss of financial safety. 

Before you take any action, consider the following advice from the financial experts of Kiplinger Advisor Collective. Here, they discuss their top strategies for managing your retirement savings during a volatile market and ensuring you plan accordingly for your future.

Ensure your investments have guaranteed interest rates

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“Consider investing in something that has guaranteed interest rates — like fixed annuities, for example. Despite market volatility, your interest rates would not be affected. This is a lower-risk option that guarantees a return during retirement, no matter the state of the market.” — Angela Ruth, Due

Maximize and account for your home equity

“If you are a homeowner, don't forget to include your home equity in your retirement savings strategy. Your home is a lifestyle choice for where and how you want to live, but it’s also a big part of your overall net worth. Maximize your home equity by paying off mortgage debt, maintain your home to preserve home equity and develop a life/retirement/home equity plan for how you intend on using it.” — John Bodrozic, HomeZada

Keep an eye on your overall spending

“An important and often forgotten factor is how to manage your spending (i.e., the other drain on your savings besides market fluctuations). The market may be outside of your control, but spending wisely is always a choice. As a pricing expert, I often see how companies put a lot of craft into getting you to spend more. Learn to recognize their tools for getting money out of your pocket, and save!” — Robert Ribciuc, EBITDA Catalyst

Kiplinger Advisor Collective is the premier criteria-based professional organization for personal finance advisors, managers, and executives. Learn more >

Remain focused and invested

“An effective strategy is to be disciplined and focused on your long-term goals. Sometimes, the most challenging aspect of investing is staying invested. Of course, diversification and dollar-cost averaging can help as well.” — Marguerita Cheng, Blue Ocean Global Wealth

Keep short-term and long-term assets separate

“When planning for retirement, it's best to have the assets you'll rely on for the next seven to 10 years ring-fenced from the assets that have a longer time horizon. If you’re retired (or soon-to-be retired), this means setting aside seven to 10 years of income needs in safe, secure, high-quality, low-duration fixed income. When things inevitably get rocky, there's peace of mind knowing you've got seven to 10 years to recover.” — Dennis McNamara, wHealth Advisors

Diversify your portfolio

“One word: diversification. Go beyond the traditional stock-bond mix and leverage alternatives, which are more accessible than they have been historically. Investments like real estate that offer a longer time horizon can help mitigate the effects of volatility often seen in the markets.” — Tore Steen, CrowdStreet, Inc.

Leave everything alone

“Unless you need the money in the next year or two, the best move to make during a volatile market is no move at all. Study after study shows that investors who try to time the market — even professionals — do worse than buy-and-hold investors who regularly contribute to diversified portfolios. If you're tempted to buy and sell individual stocks, use a robo-adviser.” — Andrew Schrage, Money Crashers LLC