AE Wealth Management explains what high inflation, high interest rates mean for retirement savings
TOPEKA, Kan. (WIBW) -The cost of gas and groceries are going up, interest rates are higher, and the stock market is constantly up and down.
AE says this isn’t anything they haven’t seen before.
“Let’s not panic, we have seen this before, markets will cycle that’s what they do,” said Megan Jones.
“We all made it through the pandemic right, so it’s not a time to panic, maybe button down but don’t panic,” said Chris Radford, AE Wealth Management President.
Megan Jones with Jones Advisory Group says, having the market go down can be a positive.
“Actually, seeing market decline is actually good long term market, if it just goes up forever we will never have any cycling and then when it does crash it will be much worse.”
Radford says the average person should not worry while they’re trying to save for retirement.
Based on past trends, a recovery is near, it just may take a bit longer.
“In March of 2020, the market dropped 35% in a matter of days and we recovered back in five months. This is going to be a slower recovery, the market will come back we have a sound financial structure with our economy and good companies out there,” he said.
Jones and Radford both advise you with any fears of investing in retirement, there are tools to help you along the way.
“I recommend that you use a good financial advisor, no matter what age you are or what type of networth you have. Invest your time in finding a good financial advisor to advise you on your retirement savings, your emergency savings and your budgeting,” Radford said.
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