As global markets continue their roller coaster ride due to fears surrounding the coronavirus, our most recent bull market officially turned into a bear market. But what does that mean? And are we on the verge of another recession like the one we had in 2008?
In light of all these concerns, today we’ll share what you need to know about recessions and bear markets. If you are worried about your portfolio, we understand and we’re here to help. Feel free to contact our office to get answers to your specific questions.
Retirement changed forever in 1978.
That’s the year the 401(k) was invented. Now, over 40 years since, most Americans have adopted the 401(k) as their go-to vehicle for retirement savings. The 401(k) accounts for the bulk of most retirees’ total savings set aside for their retirement.
There’s a problem, though. Let’s say you have $1,000,000 sitting in your 401(k). That’s a worthy amount, and it means you’ve worked hard and done well.
The problem is that $1,000,000 is not 100% yours. If we’re honest, the name on your account should say “Joint Account with the IRS.”