As the New Year gets underway, it’s good to set goals and make plans – but it’s also important to review the biggest threats you face.
Here are the top 5 threats to your financial future in 2023…
Threat #1: 2023 Recession
If you had money in the stock market, you know how bad 2022 was. The S&P 500 lost nearly 20%, and the average 401(k) lost 22.9%. Seeing one-fifth of your life savings vaporize in a single year is a hard pill to swallow.
And after having the worst year in the markets since the 2008 financial crisis, it’s only natural to want to put that behind us and move on. However, what we want to happen and what is happening are two different stories. Economists surveyed by Bloomberg see a 70% chance of a recession in 2023 – which means it’s very likely things will get worse before they get better.