Do You Have Enough Cash On Hand For a Recession?

Recession calls are sounding -- whether they are right or not -- it is always good practice to have adequate cash reserves. Do you have enough cash on hand if a recession is nearing?

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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

[NatalieG]

Just keep enough in your bank account to pay your monthly bills. I don’t like or trust banks, especially in light of the fact that lately they close down people’s accounts for various reasons. You need to have money at home for any emergency, not just a recession.

[andrewroth]

Retired at 59. measured 20 times cutting once. My financial confidence account should get me through 10 years. Barbell strategy 30% cash for 10 years, 70% stocks.
Drawdown pretax in low tax brackets, then pull SS and Roth account levers at 70.
Offense wins games, defense wins championships.

[Bird]

What about the feds going to digital money this is what’s bothering me.

[MENSA.lady]

Exact amount depends on your circumstances. I suggest enough cash to see you through 4 to 6 weeks of usual expenditure is about right to cover emergencies..

[redzuantahar]

After the Vietnam war many Vietnamese rushed out of their country in boats. Many got stuck on islands off Malaysia. Most of them carried on them gold or other exchangeable assets that are acceptable globally.
I read that when they reached the US they can make their lives livable. I am not saying that we are at war but preparing for a rainy day is wise. Have some tangible assets on you.

[marshallhosel]

We are going to talk ourselves right into a recession.

[alphamale]

A retiree should have a lot more cash than that.

[darryltognarelli]

I have enough cash to cover over five years as to collecting a pension For life and medical insurance

[toby]

But do you mean literal cash, , at home...or perhaps an account where I can access liquid cash when needed??? Such as a savings account??

[garyg]

Is 3 years of cash too much for someone just retiring? I notice that with that amount of cash, i don't look at my account as often as before. 3 years is roughly 12% of my total investment.

[timothystacks]

People That get ssi or ssdi can't hardly save money because ssi won't let those people save much if they do and get caught they will lose there benfits.

[sheilaarp]

Government will be doing aw ay with cash so then what? We will be digital so Government knows all we have

[sheilaarp]

Even if you have gold they will come after it like in 1933 and if your a pepper they can confiscate it all