Retirees should have at least two years worth of assets set aside that are outside of the market to protect them in the event of a downturn.Watching the economic impact of the COVID-19 pandemic take a bite out of investment portfolios is tough for any investor, but more so for baby boomers expecting to rely on those funds for retirement sooner rather than later.
“Remember that your portfolio isn’t the [Toronto Stock Exchange]. It’s not the Dow Jones [Industrial Average]. It was created for you and, for the most part, it was created to withstand a dip,” says Jennifer Muench, regional president for British Columbia at BMO Private Wealth. “Most [retirees] have multiple income streams coming from various asset classes. The decline in stock values, on paper, may not impact income significantly in the portfolio in the coming months.
That advice extends to baby boomers considering shoring up cash to help struggling children who may have been laid off or lost business income amid the government-mandated shutdowns put in place to slow the spread of the coronavirus. Generally speaking, he says retirees should have at least two years worth of assets set aside that are outside of the market, such as GICs or cash in high-interest savings accounts, to protect them in the event of a downturn. That amount will range depending on the person’s income streams, risk tolerance, lifestyle and financial goals.
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globeinvestor G&M being condescending once again...
globeinvestor I'd probably be more worried about dying.
globeinvestor No, it really won't.
globeinvestor But probably not their millennials that will never afford the liberal cost of living....