The stock market going way down can be scary, and many people may feel the urge to pull their money out of stocks. But, that may not be the best idea. There have been stock market dips and even crashes in history, but it has always come back. A person could use the time to diversify their portfolio(if they hadn’t already). If things got unbalanced, they could work on a rebalance project. There could also be reinvestment options, but it’s advisable to hire a qualified and professional financial agent.
- Your portfolio should be diversified; an asset allocation fund will do this automatically.
- The market decline probably knocked your portfolio out of balance, which is something you’ll need to redress.
- There are currently tax benefit opportunities related to Roth conversions and tax harvesting.
“For longer term money, getting out could turn a temporary loss into a permanent one if you miss the recovery.”
Read more: https://www.forbes.com/sites/financialfinesse/2020/03/30/dont-touch-your-faceor-your-portfolio/