This week, my wife and I had our six-monthly catch up with our financial planner. His job is to make sure we have enough money for when we retire.
There was a bit of a scare last year when the pandemic hit. The stock market fell significantly, and we lost a large chunk of our retirement nest egg. Nevertheless, our financial adviser said to stick with the plan, saying that now is not the time to sell.
Eighteen months later, it appears his advice to stick with it has been vindicated. Our retirement funds have regained all of the losses sustained last year and some more. As a result, the plan is back on track.
Our financial adviser always says that he never speculates on what the stock market will do, but past behaviour usually provides insight on what the market will do in the future. For example, history has shown that a sharp fall in the market is most likely followed by a rise.
When the pandemic hit, the fear of high unemployment and retraction in the economy had spooked the markets. However, when it became apparent that the intervention of governments had averted Armageddon, it was evident that the markets had got it wrong.
Last year was a tense period for us, but it appears some sound financial advice has helped us get through it.
There was a bit of a scare last year when the pandemic hit. The stock market fell significantly, and we lost a large chunk of our retirement nest egg. Nevertheless, our financial adviser said to stick with the plan, saying that now is not the time to sell.
Eighteen months later, it appears his advice to stick with it has been vindicated. Our retirement funds have regained all of the losses sustained last year and some more. As a result, the plan is back on track.
Our financial adviser always says that he never speculates on what the stock market will do, but past behaviour usually provides insight on what the market will do in the future. For example, history has shown that a sharp fall in the market is most likely followed by a rise.
When the pandemic hit, the fear of high unemployment and retraction in the economy had spooked the markets. However, when it became apparent that the intervention of governments had averted Armageddon, it was evident that the markets had got it wrong.
Last year was a tense period for us, but it appears some sound financial advice has helped us get through it.
