WITH STOCK MARKETS TUMBLING, RESIDENTS INCREASINGLY WORRIED OVER 401(K) AND RETIREMENT PLANS
ANCHOR HUEL PERKINS: Many of us who invest in the stock market are feeling a little bit rattled right now.
ANCHOR MONICA GAYLE: But is there a real reason to be worried? FOX 2’s, Charlie Langton, went straight to the experts and has some insight.
REPORTER CHARLIE LANGTON: Stock markets across the world have seen a sharp drop recently and some financial advisors say it’s because of the coronavirus.
MICHAEL FOGUTH, FOUNDER OF FOGUTH FINANCIAL GROUP: Absolutely you should be worried now.
JOHN MILLS, FINANCIAL ADVISOR: For those people that have to start taking income from a stock investment, they’re in trouble now.
REPORTER LANGTON: Meaning, it’s not a good time to sell your stocks. In fact, the Standard and Poor’s index of 500 stocks in the United States has dropped about 10 percent, this week alone.
REPORTER LANGTON: Is there economic explanation why the coronavirus is causing the market to drop?
FOGUTH: Well, it’s impacting the flow of everything. Our imports, our exports. It’s affecting our emotions.
VICTORIA KLINGER, FEDERAL BENEFITS AND RETIREMENT RESOURCES: If you don’t have a stomach for the downturn, then you should take an action and make changes to your portfolio.
REPORTER LANGTON: Wow. But for more Americans, the stock market is tied to their 401(k) plans or other retirement plans.
FOGUTH: It’s going to go up. It’s going to go down. We know this is going to happen. Regardless of the coronavirus or not, the market will fluctuate.
REPORTER LANGTON: Coronavirus or not, financial advisor, Michael Foguth, is lecturing to financial advisors from around the country. He says just because stocks are going down, it is not the time to panic.
FOGUTH: If you’re too close to retirement, get out.
REPORTER LANGTON: But I am not retiring. I’m on 30-years-old.
FOGUTH: I am 30-years-old, I got time for this 10 to go back to 20 or recover. You’re probably not worried about it. Maybe it’s a time to buy more.
KLINGER: The best thing to do is just to stick with your plan or take actions if you cannot take the risks.
MILLS: Most of your money should actually be in the more secure investments and a little bit less, percentage wise, in stocks.
REPORTER LANGTON: Do you think that the stock market could go down even more because of the coronavirus?
REPORTER LANGTON: Do you think that the stock market could go down even more because of the coronavirus?
FOGUTH: It wouldn’t be the first time.
REPORTER LANGTON: In Brighton, Charlie Langton, FOX 2 News.
