40% of Americans Worried About Economy
UNDATED -- A new survey from financial advisors show 42% of Americans are pessimistic about the economy. As a result, many are concerned about the future health of their retirement nest eggs.
Chris Wayne, President and CEO of Laraway Financial Advisors in St. Cloud says it’s a good time to double-check your retirement accounts.
Volatile markets happen. It's normal, it happens. You just have to kind of weather the storm. It is a good time to take a look at your portfolio. It's always good to reevaluate your risk tolerance. If you are getting closer to retirement, maybe you reduce the risk.
Wayne says the best way to control market volatility and uncertainty is to have some extra cash on hand and double-check your investments to make sure they match your risk tolerance.
You're always going to have some sort of economic events or world events that can affect your savings and your retirements. So the best advice would be to periodically review your current portfolio. Don't let events dictate what you do, just continually monitor what your goals are. And if your portfolio matches that goal don't make changes just to because of one events.
Wayne also advises clients to try and keep six months of expenses on hand in cash to help guard against employment changes.