Did Your Retirement Nest Egg Shrink Last Year? 5 Things to Do Now

Money Talks News: The Podcast

Last year was terrible for stocks, with the Dow, S&P and tech-heavy Nasdaq all posting double-digit losses. And that showed up in retirement accounts.

According to Fidelity, In the third quarter of 2022, 401(k) balances were 23 percent lower than the year before.

That's a lot of loss.

This makes for stressful savers, especially those nearing retirement. So, what's an investor to do?

Let's find out.

In this week's podcast, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week, we're joined by Robert Gilliland, the managing director and senior wealth advisor with Concenture Wealth Management. He's going to help us navigate our retirement accounts during a bear market.

Remember, even though we sometimes talk about money and specific investments on this show, don't take them as recommendations. Before investing in anything or making any other money moves, do your own research and make your own decisions.

You can watch this episode below, or if you'd prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:

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Don't forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

Watch the YouTube version of this episode: https://youtu.be/L1pl3i8yduw

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Is your retirement in trouble?

For many Americans, their only exposure to the stock market is what's in their 401(k)s. This can feel extremely frustrating after a year like 2022. However, the good news, Robert points out, is that down years are usually followed by recovery. There might be a setback, but if you don't panic and lock in your losses, chances are that your portfolio will recover.

We'll talk about specific ways you can prepare yourself and your portfolio to avoid a retirement setback during a down stock market.

If you want to learn more about planning for retirement, check out these additional resources from Money Talks News:

• 10 Ways the New Retirement Law Helps Savers of All Ages
• Retirement, Real Estate and I Bonds: We Answer Your Questions
• What Happens If I Really Do Run Out of Money in Retirement?
• 11 Retirement Funding Goals Everyone Ought to Hit by Age 50
• 13 Bad Investments for Your Retirement
• 5 Fast Ways to Turbocharge Your Retirement Savings
• Health Savings Accounts and Why They Are Great for Retirement
• Is a Bond Ladder Strategy Right for Your Retirement?
• Is a Retirement Bucket Strategy Right for You?
• The Pros and Cons of Dividend Stocks for Retirement Savings

Worried about what's next for the stock market?

Even if you stay the course and aren't worried about your retirement, you might still be nervous about the stock market and a coming recession. We look at what we think might be on the way and what you can do about it.

(Check out our podcast episode recapping the biggest financial stories of 2022—and how they might impact your pocketbook.)

Don't forget to check out the Money Talks News Solutions Center, where you can find links to high-yield bank accounts, financial advisors and other helpful tools for making the most of your money. Make sure you check out our other great articles and podcast episodes on making the most of your investments, no matter what's happening in the markets.

• Where Stocks Are Going in 2023 and Where You Should Invest Now
• How to Prepare Your Savings for a Recession
• 3 Ways Recessions Can Make You Rich
• Stocks Are Tanking: What You Need to Know Now
• How to Invest When Both Stocks and Bonds Are Falling
• 7 of the Best Ways to Invest That Don't Involve Stocks
• 7 of the Best Dividend Stocks to Help Fund Your Retirement
• How to Pick Winning Stocks, Step by Step
• 7 Things You Should Know Before Investing in I Bonds
• 15 Money Moves for a Richer New Year

Meet this week's guest, Robert Gilliland

Robert G. Gilliland CRPC®, CEPA®, is the managing director and senior wealth advisor of Concenture Wealth Management and has more than 25 years of experience serving residents in the Houston area.

Throughout his career, Gilliland has developed extensive money management and leadership expertise. While attending Stephen F. Austin State University, he ran a franchise of restaurants where he learned valuable organizational, interpersonal and time management skills. This experience would serve him well as he accepted a job at Merrill Lynch after graduation and would hold various leadership roles, including Sales Manager, Resident Director, and later, a member of the Advisory Council to Management. With a strong desire to serve local residents without the constraints of corporate mandates and to offer a wider variety of products and solutions to help them better achieve their financial goals, Gilliland founded his own independent financial advisory firm, Concenture Wealth Management.

Gilliland is an investment advisor representative (IAR) who holds both the Chartered Retirement Planning Counselor (CRPC®)and the Certified Exit Planning Advisor (CEPA®) designations. He has been named to Forbes "Best-in-State Wealth Advisors" list in both 2019 and 2020.

Outside of the office, Gilliland is an avid hunter and fisherman. He serves on several boards and foundations, including the Board of Trustees for Northland Christian School in Houston and volunteering at Warrior's Weekend, an annual outdoor community event supporting combat veterans.

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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