What You Should and Shouldn’t Do Right Now

New tariffs are making some investors nervous, and if you’re close to retirement, you might be wondering: Should I make a move now, or just ride this out? 

Rising prices, market swings, and uncertainty about what’s next have led some retirees to consider Roth conversions, big purchases, or portfolio shifts. But financial experts say your next step depends less on the news and more on your plan.

So, what financial moves might make sense right now? When is it smarter to hold steady? Here’s why doing nothing at all can sometimes be the best decision.

Why Tariffs Aren’t a Reason to Panic About Retirement

New tariffs can feel like background noise until they start affecting your grocery bill, your investment returns, or your long-term plans. “[Investors are] concerned as they’re seeing their balances decline,” said Joe Buhrmann, Advisory Financial Planning Consultant at eMoney Advisor.

“Every time that volatile markets occur…at least in my historical view, it’s been more of the same. We’ve been through some tough times before, and we will get through this now.”

“Short-term disruptions are not only expected—they’re already built into the plan,” said Jennifer Kohlbacher, Director of Wealth Strategy at Mariner. She reminds clients that volatility isn’t new and that “the biggest mistake investors can make is not volatility itself, but reacting emotionally.”

Should You Consider a Roth Conversion Now?

A market dip can feel like a setback, but it may also be a chance to make a tax-smart move. If your portfolio has taken a dip, you might be able to take advantage of lower asset values by converting a traditional IRA into a Roth IRA and saving on taxes.

“If my balances are lower, those Roth conversions are in essence on sale,” noted Buhrmann. “If my accounts are down 10%, that’s 10% less tax I would pay if I were converting it.”

Kohlbacher’s team often uses downturns as a trigger for conversion. “When markets decline, we often take advantage of the opportunity to convert IRA assets at temporarily reduced values,” she said. “This strategy allows us to convert more shares for the same tax cost, maximizing long-term tax-free growth in the Roth IRA.”

Even if you don’t convert your entire IRA, small strategic moves might still help. “Does it make sense for me to fill up my current income tax bracket and start doing this in chunks?” Buhrmann added.

A retirement planning calculator or similar tool can help you see whether a partial Roth conversion fits within your current tax bracket.

Is Now a Good Time for Large Purchases?

With headlines warning of price hikes, it may be tempting to make a big purchase now. But experts say urgency shouldn’t outweigh strategy. “Is this a true need? Is this a want?” said Buhrmann. “Is this improvement going to help me? Is this an investment?”

He suggests thinking through whether the purchase supports your long-term plan, like a home renovation that helps you age in place. “Working with a planner to see how this fits in with your other goals” can make all the difference, he said.

Should You Rebalance, or Just Diversify Smarter?

Tariffs and trade disputes can hit certain industries or sectors harder than others. That’s where diversification becomes even more important.

“That concept of diversification is still a great response in volatile markets such as these,” said Buhrmann. “When you own a broad array of assets, it can really help you sleep a little bit better at night.”

Diversification isn’t about chasing returns—it’s about protecting your portfolio from outsized risks. As Buhrmann put it: “It’s not about trying to beat the market, rather it’s helping ensure that you’re not beaten by the market,” Buhrmann reminded.

When Doing Nothing Is the Best Move

Not every shift in the headlines calls for a shift in your strategy. “Sometimes the best advice is… to take no action,” said Buhrmann.

That can be hard when you’re used to fixing problems, but retirement planning rewards patience. “Clients sometimes don’t just need answers,” he said. “They need a spot to really process that uncertainty.”

If you’ve already built a strong plan, staying the course might be your smartest move. As Buhrmann put it, “How does this moment fit into the bigger plan that we built?”

The Bottom Line

Tariffs may seem like political noise, but they can have real effects on prices, portfolios, and emotions. For retirees, the key is to respond thoughtfully, not react impulsively.

“There are a lot of things in life that are important,” Buhrmann said. “Where I need to focus my efforts are the things that are most important and things I control.”

If you’re considering a Roth conversion, a big-ticket purchase, or just feeling unsure, a conversation with a trusted financial advisor can help you weigh your options and stay the course through market uncertainty.