Laura Stover, RFC® and Michael Wallin, CFP® discuss why 1966 was the worst year to retire and why it matters in 2023.
They explore the market downturn in 1966 and its impact on retirees, as well as the similarities and differences between that time period and the current economic climate. The market downturn in 1966 was a harbinger for difficult times ahead, with inflation and recessions following in the years to come.
The current economic climate has similarities to 1966, with factors such as civil unrest, war, supply chain issues, and a contracting labor force. The lack of pensions for retirees today makes them more vulnerable to market volatility and the need for a solid income plan.
Stress testing and having a diversified investment strategy can help retirees navigate uncertain times and increase their probability of success.
Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/
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Timestamps (show notes):
0:01:04 Background on the 1966 market downturn
0:03:18 Comparison of the 1966 market downturn to current events
0:05:59 Impact of interest rates on corporate earnings
0:08:39 Potential impact of current events on future recessions
0:10:21 Discussion on the credit crunch of 1966
0:13:24 Comparison of current economic conditions to 1966
0:15:44 Importance of stress testing in financial planning
0:18:07 Lessons learned from past market downturns
0:24:53 Conclusion and invitation to learn more on the website
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