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Knee-jerk reactions to the stock markets fluctuations and deciding to cash out your investments are common.
However, if youre not careful, it might cost you money and worst case scenario even yourretirement savings.
Stocks are generally a better option for long-term goals like retirement despite their short-term volatility.
Finally, periods of fear can be opportunities.
This impulsive decision can also disrupt your long-term investment plan and hinder your overall financial growth, Collins said.
So What Can You Do?
Here are some expert tips to keep in mind.
In addition, Gammon stressed the importance of focusing on long-term retirement goals rather than short-term market movements.
Diversification can help reduce the overall risk and cushion against significant losses in any one area, he said.
Remember that retirement investments are typically long-term, so temporary market declines should not derail your overall strategy.
Then, you’re free to wait out the rebound without selling, he said.
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