Should you still retire if the stock market crashes?

The S&P 500 officially entered a bear market after falling more than 20% from its peak in early January, and some investors are worried a crash or even a recession could be looming.

If you're nearing retirement, all of this market volatility can be especially unnerving.

When you're going to be relying on your savings, watching your investment portfolio drop in value can be tough to stomach.

It's uncertain what will happen with the market in the coming weeks and months, and nobody knows whether we'll face a recession or not.

But if stock prices do continue to fall, is now really the right time to retire? It depends on a few factors.

Should you retire now or wait? It can be tough to retire during a market downturn, because your retirement fund may be worth less than it is when the market is thriving.

That means you might need to reduce your spending to avoid draining your savings too quickly.

Before you retire, consider how much of your income will come from your savings versus other sources, such as Social Security or a pension.

If the majority of your income will be coming from your retirement fund, think about how long those savings may be sustainable if the market continues its slump.

Also, market downturns can sometimes last months, if not years. If we do enter a recession and your savings take a hit

would you still have enough to last not only until the market recovers, but the rest of your retirement?

If you have a strong nest egg and expect to receive a decent amount from Social Security, you may be able to retire comfortably regardless of what the market is doing.

You might still need to scale back on your spending if the market worsens, but that doesn't necessarily mean you can't retire now.

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