FP Answers: My portfolio is down 30%. Do I still have enough to retire this year?

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FP Answers: My portfolio is down 30%. Do I still have enough to retire this year?
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You might have to employ the three Cs of financial planning: Create, Convert, Conserve. Read more here

I’m set to retire later this year and my portfolio is down 30 per cent. What should I be doing? I don’t know if I have enough money to retire anymore.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.

We also don’t know how long it will take for markets to recover. In 2020, markets dropped about 30 per cent after COVID-19 hit and recovered almost right away. Conversely, the average rate of return for the S&P 500 from 2000 to 2010 wasThis advertisement has not loaded yet, but your article continues below.How quickly do you think a retirement portfolio will recover if you’re making withdrawals and the average 10-year return is going to be minus 0.

Until then, the best course of action with an all-equity withdrawal portfolio may be to reduce or stop withdrawals and employ the three Cs of financial planning: Create, Convert, Conserve. Also remember that if you had an all-equity portfolio heading into a bear market, it may have been larger than it would have been if it had contained some cash and bonds.

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fpinvesting /  🏆 43. in CA

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