Jill Konopka & WNYT Staff
Updated: February 28, 2020 11:43 AM
Created: February 27, 2020 06:37 PM
Coronavirus fears are impacting the stock market. Could they have an effect on your retirement as well?
It was another weak day on Wall Street Thursday. Stocks took a huge hit, losing nearly 1,200 points.
The Dow Jones Industrial Average and the S&P 500 both dropped more than six percent over Monday and Tuesday, partly due to the fears of the virus spreading across the globe.
The U.S. markets have seen what one local financial experts calls "panic inducing pullbacks" in recent years. This is something investors want according to Senior Vice President, Wealth Management Senior Portfolio Manager Tim Meigher, who works at the Hudson River Group at Morgan Stanley on State Street in Albany.
"This is the fifth time since 2015 that stocks have sold off quickly and dramatically and in each instance, they've recovered. And I think in the long-term for someone saving for retirement, that will happen. When it happens how it happens is impossible to predict, but the important part of a long-term investment plan is you allocate that portion of your money to risk and non-risk investments, So if you're properly allocated in the risk segment of your portfolio, than these kinds of disruptive events really should be ignored because in the end you will recover it," Meigher added.
Meigher says if you have time, try to turn away. He breaks down what you should go depending on where you are with your specific financial portfolio.
"On a short-term basis you have to expect that, that's not going to continue, so everybody knew something would happen at some point. For whatever reason, but then when it does happen nobody is quite prepared for it, watching it, talking about it and expecting it is very different than dealing with it in real time."
Hear about advice he has for both short and long-term investors by watching the video of Jill Konopka's story.
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