5 tips when retiring amid market volatility

In a turbulent market, diversification becomes especially important

An illustrated image of two hourglasses with a person carrying a coin walking rope between them
A survey found just 27% of retirees are confident they'll be comfortable in retirement
(Image credit: Yossakorn Kaewwannarat / Getty Images)

The market turbulence driven by the pandemic may have started to wane, but the economy continues to face ups and downs. Persistently high inflation, continual interest rate hikes by the Federal Reserve, and whispers about the possibility of a recession have soon-to-be retirees a little on edge. A 2023 Retirement Confidence Survey conducted by the Employee Benefit Research Institute found that just 27% of retirees "feel very confident they will have a comfortable retirement," Kiplinger reported. Those surveyed pointed to concerns about the rising cost of living making saving more difficult and the possibility of inflation outpacing their funds in retirement.

But at a certain point, you can only wait so long to enjoy your golden years. Besides, the market's next moves are nearly impossible to predict. The best course of action is to adjust your retirement strategies to ensure you can weather any market volatility. Here are some tips.

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Becca Stanek, The Week US

Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.