Did Your Retirement Nest Egg Shrink Last Year? 5 Things to Do Now

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Last year was terrible for stocks, with the Dow, S&P and tech-heavy Nasdaq all posting double-digit losses. And more likely than not, those losses affected your retirement accounts.

According to the latest data from Fidelity Investments, in the third quarter of 2022, 401(k) balances were 23% lower than the year before.

That’s a lot of loss.

Losses make for stressed-out savers, especially those nearing retirement.

So, what’s an investor to do? Let’s find out.

In this week’s podcast, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week, we’re joined by Robert Gilliland, managing director of Concenture Wealth Management. He’s got some advice to help us survive and thrive when the going gets tough.

Even though we may talk about specific investments on this show, never take what we say as recommendations. Before investing in anything or making any other money moves, do your own research and make your own decisions.

You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:

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Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

Also, don’t forget to check out our podcast sponsor, Tellus, for the opportunity to supercharge your savings with an account backed by real estate. Use the code MONEYTALK and get a special APY for seven days with a $125 minimum deposit.

Is your retirement in trouble?

For many Americans, their only exposure to the stock market is what’s in their 401(k)s or IRAs, and that makes years like 2022 scary. But the good news, Robert points out, is that down years are usually followed by recovery. So if you don’t panic and lock in your losses, chances are that your portfolio will recover.

If you want to learn more about planning for retirement, check out these additional resources from Money Talks News:

• 10 Ways the New Retirement Law Helps Savers of All Ages
• Retirement, Real Estate and I Bonds: We Answer Your Questions
• What Happens If I Really Do Run Out of Money in Retirement?
• 11 Retirement Funding Goals Everyone Ought to Hit by Age 50
• 13 Bad Investments for Your Retirement
• 5 Fast Ways to Turbocharge Your Retirement Savings
• Health Savings Accounts and Why They Are Great for Retirement
• Is a Bond Ladder Strategy Right for Your Retirement?
• Is a Retirement Bucket Strategy Right for You?
• The Pros and Cons of Dividend Stocks for Retirement Savings

Worried about what’s next for the stock market?

Even if you stay the course and aren’t worried about your retirement, you might still be nervous about the stock market and a coming recession. We look at what we think might be on the way and what you can do about it.

(Check out our podcast episode recapping the biggest financial stories of 2022 — and how they might impact your pocketbook.)

Don’t forget to check out the Money Talks News Solutions Center, where you can find links to high-yield bank accounts, financial advisers and other helpful tools for making the most of your money.

Make sure you check out our other great articles and podcast episodes on making the most of your investments, no matter what’s happening in the markets.

• Where Stocks Are Going in 2023 and Where You Should Invest Now
• How to Prepare Your Savings for a Recession
• 3 Ways Recessions Can Make You Rich
• Stocks Are Tanking: What You Need to Know Now
• How to Invest When Both Stocks and Bonds Are Falling
• 7 of the Best Ways to Invest That Don’t Involve Stocks
• 7 of the Best Dividend Stocks to Help Fund Your Retirement
• How to Pick Winning Stocks, Step by Step
• 7 Things You Should Know Before Investing in I Bonds
• 15 Money Moves for a Richer New Year

Meet this week’s guest, Robert Gilliland

Robert G. Gilliland, CRPC, CEPA, is the managing director and senior wealth adviser of Concenture Wealth Management and has more than 25 years of experience serving residents in the Houston area.

Gilliland is an investment adviser representative (IAR) who holds both the Chartered Retirement Planning Counselor (CRPC) and the Certified Exit Planning Adviser (CEPA) designations. He was named to Forbes’ “Best-in-State Wealth Advisers” list in both 2019 and 2020.

• Website

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.