If you are approaching retirement, you may want to evaluate working a couple of years longer, take on a side gig, delay taking social security, or modify your investment portfolio.
Investors should spend less time listening and watching the news. They should also focus on what they can control, which comes down to how much they're saving and how much they're spending.
Create a separate “Recession Proof Fund” savings account. This account has two years' worth of living expenses in cash at retirement. If there is a bear market, it allows you to stop drawing on your investment until the market recovers.
Rebalancing your portfolio is another strategy to consider during downturns if you want to retire early because it helps control risk and prepare your portfolio for the rebound to maximize your return.
Tax-loss harvesting takes lemons and makes lemonade by harvesting or selling at a loss. You can use those losses to lower or eliminate future taxes on capital gains.