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Common Retirement Planning Mistakes to Avoid During an Economic Crisis

The COVID-19 pandemic has been an interesting case study in the importance of sticking to an investment plan. In March, the global pandemic hit the United States and the S&P 500 moved sharply lower, causing many investors to cease contributions and move to cash. Fast forward six months and the stock market has now hit new record highs –despite the ongoing pandemic and the U.S. being the worst hit – and many investors missed out capturing the gains.

Let’s take a look at two common mistakes to avoid during a downturn and three steps that you can take to safeguard your retirement portfolio.

Find out more about retirement planning topics under our Retirement Channel.

Common Mistakes To Avoid

The costs of market timing in hypothetical S&P 500 investments
The costs of market timing in hypothetical S&P 500 investments of $2,000 per year. Source: Schwab

Safeguard Your Portfolio

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