BALTIMORE, April 22, 2020 /PRNewswire/ -- T. Rowe Price retirement experts shared tips today amid the coronavirus pandemic and the disruption it has caused to global economies and markets.
"It's tempting to make emotional decisions when the stock market is unpredictable and investors don't feel like they have control over their finances," said Robert Higginbotham, head of global distribution at T. Rowe Price. "We want investors to know that T. Rowe Price is here during these uncertain times; our priority is to help investors with their goals to achieve successful financial outcomes —not just for retirement—but in their daily lives."
T. ROWE PRICE RETIREMENT EXPERT TIPS:
Joshua Dietch, head of retirement thought leadership
"We conduct research at T. Rowe Price to better understand the needs and concerns of our clients. In our latest Retirement Saving and Spending survey, for example, we found that managing and budgeting day-to-day expenses is a top priority for current retirees. During times of market volatility, it is particularly important to have a cash cushion available to meet day-to-day expenses. You don't want to find yourself having to sell securities at inopportune times to pay for predictable expenses."
Judith Ward, CFP®, senior financial planner:
"A conservative withdrawal approach early in retirement can position retirees to weather market volatility over the long term. The first five years into retirement may be the most critical time period, especially if markets fall. Rather than making drastic changes in portfolio strategy when markets become more volatile, temporary adjustments to spending can help sustain portfolio balances throughout retirement."
Roger Young, CFP®, senior financial planner:
"For investors who are a good number of years away from retirement, this simple step could have huge impact on your savings: don't make a rash decision to sell your stock holdings if you can avoid it. Cashing out of a declining market comes with a price -- while you may avoid immediate loss, you potentially miss out on future gains. So, if investors stay patient, and can absorb some volatility, the market's long-term tendency to recover from declines can eventually work in their favor."
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with $1.01 trillion in assets under management as of March 31, 2020. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com, Twitter, YouTube, LinkedIn, and Facebook sites.
SOURCE T. Rowe Price Group, Inc.