As the entire world waits to see what tariffs President Donald Trump announces Wednesday, many people have the same question: how are the tariffs going to impact the average citizen?“It really depends on what point in your retirement or savings that you are,” said Ashley Terrell.Terrell is a financial advisor for Burns Estate Planning and Wealth Advisors in West Palm Beach.She believes the short-term impact of the tariffs will be painful for everybody’s wallet.“They’re going to have an increase in prices,” Terrell said. “We know that already. Imports, those are going to increase. All of this is going to be passed down to the consumer.”On top of that, past tariffs have shown to negatively impact the stock market.And that’s why Terrell said people who are retired or close to retirement should be most concerned, because many retirees rely on their investments to pay for necessities.“Hopefully, you have your plan set up where it’s not completely dependent on the market, and you have some security somewhere,” Terrell said.But for younger people, Terrell suggests ignoring the noise and staying the course.“The worst thing you can do is panic sell,” Terrell said. “That’s only going to hurt the situation. Staying strong, holding, history has shown us that everything will be OK.”And for the optimists, Terrell said the long-term impacts of the President’s tariffs could be very positive.“If he can make America great again by bringing all these jobs home and increasing our manufacturing and production, then that would be great,” she said. “But it is going to be a difficult road to get there.”
As the entire world waits to see what tariffs President Donald Trump announces Wednesday, many people have the same question: how are the tariffs going to impact the average citizen?
“It really depends on what point in your retirement or savings that you are,” said Ashley Terrell.
Advertisement
Terrell is a financial advisor for Burns Estate Planning and Wealth Advisors in West Palm Beach.
She believes the short-term impact of the tariffs will be painful for everybody’s wallet.
“They’re going to have an increase in prices,” Terrell said. “We know that already. Imports, those are going to increase. All of this is going to be passed down to the consumer.”
On top of that, past tariffs have shown to negatively impact the stock market.
And that’s why Terrell said people who are retired or close to retirement should be most concerned, because many retirees rely on their investments to pay for necessities.
“Hopefully, you have your plan set up where it’s not completely dependent on the market, and you have some security somewhere,” Terrell said.
But for younger people, Terrell suggests ignoring the noise and staying the course.
“The worst thing you can do is panic sell,” Terrell said. “That’s only going to hurt the situation. Staying strong, holding, history has shown us that everything will be OK.”
And for the optimists, Terrell said the long-term impacts of the President’s tariffs could be very positive.
“If he can make America great again by bringing all these jobs home and increasing our manufacturing and production, then that would be great,” she said. “But it is going to be a difficult road to get there.”
发表回复