Preparing for retirement amid inflation, recession fears

Derieck Hodges, with Anchor Pointe Wealth Management, discusses how to make the smartest retirement investments, no matter your age.
Published: Aug. 18, 2022 at 10:46 AM CDT
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CAPE GIRARDEAU, Mo. (KFVS) - A Heartland financial expert says preparation is more important than worrying whether we’re stuck in a recession or not.

Derieck Hodges, a certified financial planner at Anchor Pointe Wealth Management in Jackson, believes that behavior is key in good times and bad.

“The key is – whether we’re in a recessionary time when there’s ugly inflation or normal times -- living within our means is so crucial,” Hodges said in an interview Thursday morning on The Breakfast Show Too. “That’s a skill – and if we master that, we navigate through bad times.”

As for those bad times, Hodges doesn’t say the country is in a recession. But he says they will happen.

“Are we in a recession? We don’t know. Maybe. If not, we probably will be,” Hodges said. “But, here’s the key – we know recessions happen. We just don’t know exactly when they’re going to come or how long they’ll last.”

As for planning for retirement, Hodges says it doesn’t matter if you’re 25 or 60 – there’s no need to worry about the market.

What does matter, Hodges said, is keeping calm amidst the madness.

“Financial planning isn’t an event – it’s a journey,” he said. “And we’re going to change on that journey. Overreacting is probably the thing that does more damage and hurts us more than what the markets are going to do.”

Hodges also had a reminder for all the investors out there: Have courage when it comes to investing.

“You’re not going to do everything right, that’s not the point,” he said. “What you’ll do is you’ll make more right decisions – and that’s going to lead to good outcomes.”

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