The first quarter of 2022 was another turbulent period for our world.

While the COVID-19 pandemic may finally be waning, it appears we could be living with endemic conditions for the foreseeable future. A year ago, the recent rollback of many pandemic restrictions we have experienced would probably have been greeted enthusiastically by the financial markets. Alas, times have changed.

Russia’s attack on Ukraine is the most significant military action in Europe since World War II, and has led to unimaginable suffering for the innocent victims of an increasingly unhinged Vladimir Putin. The Russian offensive also contributed to volatile financial and commodity markets around the world, despite generally favorable pandemic trends.

Closer to home in the United States, inflation remains at the highest levels we’ve experienced in decades. Thus far, Federal Reserve Chairman Jerome Powell and President Joe Biden have proven themselves much better at empty rhetoric than substantive action that attempts to improve the lives of the average American.

The end result from a financial perspective was a broad U.S. stock market that fell as much as 13% from the end of 2021 through early March, before rallying to finish the first quarter of 2022 down nearly 5%. That decline had a material impact on our finances as we get closer to potential early retirement. Fortunately, we received our annual bonus for 2021 in early March, which helped offset the paper losses we experienced.