Where’s the Market Headed After Stocks’ April Slump?

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May 3, 2022

Do you still have your Netflix subscription? It’s gotten pricier, and I’m considering cancelling mine once I finish my current obsession, a Korean series called Thirty Nine. Lots of subscribers are quitting this pandemic stalwart, and the exodus has caused Netflix's share price to drop. In fact, all of the FAANG stocks have underperformed recently, which is one reason why the stock market had such a lousy April. Recession fears have intensified, but you can tune out the chatter if it makes you fret. The best strategy in a down market is often to do nothing at all — assuming, of course, that you have a diversified portfolio. Learn more about what to do (or not do) in today’s edition.

Best wishes,
 
 
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Reader of the Week

What are you up to these days?

I’ve worked in the environmental field for over 45 years. I plan to retire this year. 

These days my focus is on my horse Enzo and doing equestrian vacation trips with Equitours. I’ve ridden in France, Iceland, South Africa and this year I’m riding in Cornwall and in London, England. I’m also headed back to ride in Iceland in August. To stay in shape, I work out with a personal trainer five days a week with weights, one day for yoga and three days a week, I take dressage riding training with a riding coach.

Cool! What’s your best advice for preparing for retirement?

The most important thing is to stay healthy and keep your brain engaged. 

I’m an elder orphan. Parents and husband are deceased, no children (I do have a sister who is also widowed with no children). Therefore I have no plans to pass on an estate. 

My advice is to plan ahead for the end of life…like RIGHT NOW. I have a book that I got on Amazon, an after-death planner called "Everything You Need to Know When I'm Gone," to record my passwords, bills, bank account numbers, insurance information, Medicare, Social Security, credit cards, phone numbers and address of relatives and friends etc. I write in it whenever anything changes. I keep it with my trust and will.

I put all utilities and recurring payments on autopay in case I have to go into the hospital or have an accident. My state has a website where you can register an emergency contact immediate notification (I've got a close friend listed).

Great advice! How about your finances?

I received an inheritance when mom passed and with it I paid off both my primary residence and a rental house I own. From my government service I currently collect two pensions and will get a third when I retire this year. I will start collecting Social Security when I turn 70 next year (I worked my way out of the Windfall Elimination Provision). With three pensions and full Social Security I can live comfortably.

I have a revocable trust, and all of my real estate, cars and checking accounts are in my trust. I also have a will (make sure your will includes provisions for animals), financial power of attorney and medical power of attorney. I review these every other year or if something changes.

Tell everyone who needs to know where to find your documents and make copies for everyone. This includes your doctor, attorney, financial advisor, trusted friends and relatives.
 
I have all my pensions, tax returns etc. direct-deposited into my checking account. I also have a long-term care insurance policy. I have identified a continuing care facility in my home town and have initiated contacts with them. I am looking at moving there in five or 10 years.  

I'm also going to give some of my estate to a horse rescue charity.  I reached out to them and they were very helpful providing me with their  tax numbers, official registered name contacts etc.  

Retirement News From Around The Web

37 Ways to Earn Up to 9% Yields on Your Money
From cash investments on the low end to closed-end funds on the high end, here’s where investors can turn for yield in today’s rising interest rate environment. KIPLINGER

Health and Wealth Drive Retirees’ Spending
A new study suggests that retirees would prefer to keep their spending constant in retirement. SQUARED AWAY BLOG

Here's How to Help Your Adult Kids Become Financially Savvy
An author shares her tips on helping the 16-26 cohort figure out their money lives. YAHOO FINANCE

The Great Resignation Is Becoming a “Great Midlife Crisis”
While the beginning of the pandemic saw younger workers quit their jobs in droves, these days older and more tenured workers are calling it quits. VOX

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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