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Wealth Wednesdays: Tips when drawing from retirement in a down market

In the "Wealth Wednesdays" segment on Good Morning Washington, financial expert Matt Frankel from The Motley Fool discussed strategies for managing retirement withdrawals during a down market. He emphasized the importance of having a diversified portfolio to mitigate risks, suggesting that retirees should not panic and sell off assets during market downturns. Frankel recommended considering a bucket strategy, where funds are divided into different 'buckets' based on when the money will be needed, allowing for more conservative investments for immediate needs and riskier investments for long-term growth. He also advised retirees to reassess their withdrawal rates, potentially lowering them during market downturns to preserve their nest egg, and to consider other income sources like part-time work or delaying Social Security benefits to reduce the pressure on their investment portfolio.

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[ https://wjla.com/good-morning-washington/planning-your-future/wealth-wednesdays-tips-when-drawing-from-retirement-in-a-down-market ]