The stock market has continued to plummet as the coronavirus fears continue to grip the country with shutdown after shutdown announced. From a points standpoint last Thursday, we saw the largest fall in the history of the stock market ever.  To bring insight on what is transpiring across the globe right now with the financial services industry is Dustin Stanley, fiduciary wealth management advisor of Strategic Wealth Designers. Stanley says prepare for a rocky road ahead as this virus situation deepens.

              “When you see a drop like we had on Thursday, everyone thinks it’s a great buying opportunity in the stock market,” Stanley says. “We’ve surpassed the bear market threshold, which is a 20% or greater drop, well the average drop in a bear market is 38%, so if you just look at historical returns, we likely aren’t at the bottom yet.”

              The Fed has begun injecting money into the stock market to try and buoy the significant falls. Stanley says right now, he sees the stimulus money being put in by the Fed as more of a band-aid that a solution.  Knowing if this is a time to invest or not depends greatly on where you are in your retirement journey.

              “Going all in while the market is down is dependent on your age.  If you are within 5 to 10 years of retirement, I would not put much of your money at risk in the stock market,” Stanley says. “If you are in your 20’s, 30’s or 40’s and don’t need the money anytime soon, you definitely could put a significant portion of your money into the market right now. If the market acts like it has historically, over the next 10 years, this drop won’t matter at all to someone who has time on their side to leave the money invested. It really just depends on where you are in life.” If you are concerned about your investment portfolio during these uncertain economic times, consider getting a second opinion to make sure your investments are inline with your retirement goals. To learn more about this financial topic and all market updates visit https://WDRB.com/MoneyMatters