Teresa Ghilarducci, Columnist

Now What? Advice for Retiring Into a Recession

Make sure you have an emergency fund. You may need it sooner than you thought if a downturn hits.

June 30, 2022 at 1:30 PM UTC

Teresa Ghilarducci is the Schwartz Professor of Economics at the New School for Social Research. She's the co-author of "Rescuing Retirement" and a member of the board of directors of the Economic Policy Institute.

Fun times. Photographer: Spencer Platt/Getty Images North America — Fun times. *Photographer: Spencer Platt/Getty Images North America*

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Inflation rates are the highest since the early 1980s and most economists expect the economy to fall into a recession by 2024.

But it gets worse. Stocks are officially in a bear market, with the benchmark Standard & Poor’s 500 Index declining 20% from its peak in early January.