Market uncertainty causes concern for would-be retirees

MILWAUKEE (CBS 58) -- Many people who are nearing retirement age are facing increased anxiety over their financial futures amid economic instability and ongoing market volatility, according to one local expert.

Local financial professional Tom Neumann of Drake & Associates joined us Wednesday, July 23 to talk about key risks and strategies for those approaching retirement.

He pointed to elevated inflation, slowing GDP growth and major market swings, including the post-tariff drop in the S&P 500 and Nasdaq, as factors contributing to retirement hesitation.

Neumann proposed that retiring in a downturn may not be ideal but is manageable with preparation by using strategies that include balancing portfolios, maintaining cash reserves and reducing spending. He also noted the importance of creating a withdrawal strategy to address sequence of returns risk.