Ask Terry Questions Financial Advise during Coronavirus

Financial Advise during Coronavirus

By Terry Savage on March 04, 2020 | Financial Planning / Retirement

Hi Terry,
Enjoy you immensely on WGN. I am 56, my husband is 63. We are planning to retire in two years. Our retirement funds are in stocks and 401k accounts. What is your advice to stay financially sound while the market tumbles?

Terry Says

My advice is to have some “cash” in a money market deposit account, money market mutual fund, or in CDs. That way you’re less likely to panic because you “need” money while (IF) the market is dropping sharply.
Look ahead, and think about how you would feel if we had a “typical” bear market decline of 33%. This decision is part of your own personal big picture — not only the need for cash, but your risk tolerance (which means how much you can take before you panic and sell at a loss)!

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