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Posted: Fri Aug 16, 2019 7:06 am
The nightly business report and other media have reported that due to an inverse interest rate curve, there is a possibility for a recession within the next 2 years. What frugal changes do you make or intend to make should a recession occur?
Posted: Fri Aug 16, 2019 8:13 am
I had so have read two seperate financial.articles ..one by Morgan Stanley that says increased tarrifs could bring the beginnings of one in 9 months. I'm reliant on a pension and SS rather than investments so while expect higher prices other things dont affect me. But I have a sister in pre retirement and a son who is a manager in the restsurant industry so i could need to be prepared to help them.
Posted: Fri Aug 16, 2019 8:26 am
I believe that there will be a recession . . . it's been over 10 years since the last one and everything the current administration has done will make it considerably worse than 2008. I live on SS and have some savings, but i do have money in investments. What they say is not to touch them so all one can do is take a deep breath and not look at one's investment statements when they come in. I will take no more than the required RMD from my 401K and IRa; my annuities, since I don't have to start taking money out if I don't want to until age 85 are OK for now.
Posted: Fri Aug 16, 2019 8:39 am
I just read an article on this:
https://www.hermoney.com/borrow/debt/is ... gust162019
I think I will continue as I have, and tighten up the belt a bit since I have been spending more than I'd like lately. And pray nothing happens to my job. But things are looking busier for my team.
Posted: Fri Aug 16, 2019 8:44 am
I hope the recession that you are speaking about does not hit Canada, but the way of things now it probably will.
We will carry on as usual, perhaps with a bit of belt tightening just in case we have to help out our children a bit over any rough patches.
Posted: Fri Aug 16, 2019 11:12 am
I'm not sure what to do at this point. I do have a small 401K and will have to start taking the RMD in 2 years. Should I take it out all now or let things run their course?