Is your retirement plan in jeopardy? The experts react
“This is not going to go on for three and four years because it’s not a systemic crisis. The banking system is not in jeopardy of failing.”
While the COVID-19 outbreak continues to increase, I spoke with local financial advisers on what they say is best to do with your money while you wait.
“We’ve gone through Zeka, Ebola and all of these others and we’re okay and the market is okay. So not to downplay it, I’m actually excited we’re taking some of these steps to hopefully minimize those numbers from 2009.”
Morgan Hill with Hill and Hill financial says most clients are coming into his office concerned about what will happen to their 401K plans.
“Hopefully, they have been properly diversified based on their risk, their moderate risk they should be in good shape they’re younger and they are aggressive. So if you are younger and you have maybe five to ten years before retirement their is not a real need to go through panic because we still have time. Unfortunately I have met people who in the last few weeks didn’t take that approach and they are looking at canceling their retirement in 2020”
Financial advisers say don’t wait until you’re behind on payments. Lenders may work with you to waive late fees or set up a repayment plan.
“Stick to the plan. Especially right now if you can increase the amount you are putting into the account if you are not taking advantage of that”
Advisers say consumers should also be on alert for increased fraud during the COVID-19 outbreak.
In Chattanooga, Taylor Bishop News 12 Now