TALLAHASSEE, Fla. (WTXL) — The coronavirus and its effects trickled down to the stock market earlier this year. Though the numbers appear to be rebounding, there's still concern over retirement accounts.
Local financial advisor with Financial Consultant at Centennial Financial Services, Patrick Madden, says there are actions that can be taken now to protect your investment.
"It's not comfortable," said Madden. "We don't like it, but it's not a forever thing."
That's the first piece of advice Madden gives his clients.
He says when the pandemic sent the market plunging in March, advisors were on the phone with and meeting face-to-face with clients quite a bit, helping them decide what to do with their retirement money.
Madden also says, at this point, people who were planning on retiring at the end of this year should consider working another six to 12 months.
That advice differs for young people who just started saving.
"Go hard and heavy," said Madden. "Before we got here, there was nothing wrong with the economy."
Madden believes things will ultimately work out for the better in the long haul, but how long it takes to get there is anybody's question.
He also told said now is a good time to review your portfolio.
If you own quality stocks and investments, you should be good. If it's not working for you, now is a good time to make adjustments and start earning again.
When making financial decisions, you also have to factor in how much you have in savings and how much debt you owe.