Page 31 - BusinessWest May 15, 2023

dard deposit-insurance coverage limit is $250,000 per depositor, per FDIC- insured bank, per ownership category. If you are still nervous, utilize the ser- vices of two or more banks.
Credit is also reduced during reces- sions. Banks may be choosier about whom they loan to as unemployment rises. If you need a loan, be prepared to be scrutinized and pay a higher interest rate. Tight lending leads to consum- ers putting off larger purchases, com- pounding the depth of the recession, as spending slows.
Many retirees worry about a reces- sion and the impact of the stock market on their portfolios. A deep recession could mean a drastic drawdown in stock prices. Making knee-jerk reac- tions to economic situations never bodes well for the long term. It is impossible to time the market. Most retirees know that they need to stay invested to grow their assets to miti- gate inflation. Having a conversation with your advisor to make sure that
you are properly allocated to your
risk tolerance is a good way to start.
If you find yourself overly concerned, perhaps a portfolio adjustment is due. A proper allocation to bonds or ‘like’ investments is always a good idea in volatile times.
From political turmoil to world events, it is easy for investors and consumers to feel concerned. Stress and recession go hand in hand. Know
“Credit is also reduced during recessions. Banks may be choosier about whom they loan to as unemployment rises. If you need a loan, be prepared to be scrutinized and pay a higher interest rate.”
through LPL Financial. Member FINRA/SIPC. Advisory services offered through Trombley Associates, a regis- tered investment advisor and separate entity from LPL Financial. This mate- rial was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or invest- ment advice. If you are seeking invest- ment advice specific to your needs, such advice services must be obtained on your own separate from this educa- tional material.
that you can only control your own per- sonal situation. Reassess your budget, evaluate your employment, and review your investments.
Historically, there have been many terrible things the world has endured. People still have money and plan for the future. The markets still function.
Recessions are an unavoidable part of life, but are a precursor to an eventual healthy economy. BW
Barbara Trombley is a financial planner with Wilbraham-based Tromb- ley Associates Investment and Retire- ment Planning. Securities offered
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