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28.06.2022 11:15:00

Tesla CEO Predicts Recession: How Retirement Savers Should Prepare

Tesla CEO Elon Musk recently predicted that the U.S. economy would dip into a recession soon. Speaking at the Qatar Economic Forum, Musk said characterized recession as "more likely than not" in the near term.Say Musk turns out to be right: How would that affect your ability to save for retirement? Recessions can lead companies to lay off workers, and in times of financial stress, people tend to take on more debt -- two outcomes that can easily lead people to pause their retirement plan contributions. And even a short hiatus on the front might put your long-term savings goals out of reach.Don't make hitting your retirement saving target harder than it already is. Instead, try these three strategies to insulate your retirement plan from the effects of a recession.Continue reading
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