To the millions of Americans who have recently retired, or who hope to retire soon, President Trump’s trade war and the ensuing global market panic has wrought a tremendous amount of anxiety over the future of their life’s savings. Since Trump announced his sweeping global tariffs on April 2, U.S. stock markets have nosedived, with the S&P down 4.2% and the Dow Jones down 3.2%. More than 60% of America’s top CEOs think we’re headed into a recession in the next six months. And on Thursday, the Yale Budget Lab predicted we'll spend an extra $4,700 this year on everyday goods and services because of the tariffs.
What, if anything, should we be doing with our retirement savings? Given the moment’s unique challenges for both our wallets and our overall well-being, I enlisted the help of experts in the personal finance and mental health spaces — specialists with expertise in both money management and the underlying behavioral and psychological factors that drive our financial decisions.
