There are certainly reasons to be cautious. Global stock markets continue to tumble over COVID-19 fears. The TSX was halted Thursday amid a flurry of order volume. And it’s still too early to survey the damage from railroad blockades.“The stock markets have been getting a lot of attention lately, but they only represent one slice of the investment pie,” Paul Shelestosky, senior wealth advisor at Meridian, told Yahoo Finance Canada.Cash is always an option.
Shelestosky says GICs will at least keep up with inflation, but cautions avoiding stocks all together means missing out on years of compounding returns that grow tax-deferred. What you do with your RRSP contribution depends on your personal situation, including time before retirement, other available sources of income like a TFSA, pension, and your spouse’s situation.
If you decide to take a wait-and-see approach and leave your contribution parked in a cash account, Keehn suggests setting a date on a calendar to review your investment mix.
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Market mood turns sour over virus after temporary reliefMounting concerns about the economic impact of the new coronavirus outbreak saw gains in European stock markets wiped out Monday despite hopes of stimulus measures from major central banks. fuuuuuuuuuuuuuuuuuuuck. I’m not even looking at my investments..........until this blows past us and is in recovery mode! The stock market has a life of its own, it is based on fear and greed. Such is the fragile nature of the economic system. Yeshua prophesied this.
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