RICHMOND, Va. (WWBT) – For weeks the stock market causing major uncertainty as new tariff polices and a trade war continues.
Friday the Dow closing with some gains, but according to experts the volatility of the market will continue, which means there are some strategies you should be aware of to secure your financial future.
“A down market is an opportunity to buy stocks on sale, especially if your time horizon is decades away.” Greg McBride Chief Financial Analyst for Bankrate says.
He tells 12 On Your Side, if the market dips again, investors should ride it out, especially if you are decades away from retirement.
“You’re making contributions and buying a lower prices and over long periods of time that type of patience and discipline has been rewarded.” McBride said.
He adds, for those who are in their 50’s and 60’s you may want to play the game a little differently.
“As you get closer to retirement you need to dial back that risk, just like as an airplane starts to descend a couple hundred miles before it reaches its destination.” said McBride.
Lowering your risk could mean a little less in stocks and a little more in bonds, gradually making the shift over a period of years. McBride advises that the first five years of withdrawals in retirement should be safe haven investments.
“That way if the market does fall as you’re approaching retirement it doesn’t jeopardize your retirement date.” McBride said.
Financial experts also suggest to consider your financial goals and talk with a financial advisor. Saying if you’ve made good progress it may make sense to take on less risks.
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