GREEN BAY (NBC 26) — A tough week on Wall Street has come with repercussions for us back at home.
"It's been interesting to say the least," Macco Financial Group president and certified financial planner Mike Macco said. "Markets are responding to the coronavirus news."
Macco and his team at Macco Financial Group are guiding investors through a major drop in the market. How it affects your money is likely tied to how close you are to retirement.
"The people who tend to be justified in being fearful are the people who need it now or will need it (money) now," Macc said. "And those are your pre-retirees or your retirees."
If that's you, Macco recommends you don't panic. Check your portfolio to see if changes need to be made. If you're on a fixed income, ask if you can withstand the market dip. Maybe you need to adjust your risk level.
"The second conversation that we're having is actually with younger people who see this as a buying opportunity," Macco said. "I've gotten a couple of phone calls and text messages from people wishing they had money to invest now."
If that's you, be careful. Macco said timing the market is really hard. However, if retirement is a ways away, this week isn't likely to have a long-term effect on your long-term retirement savings.
"The mistake right now would be anything on the extremes," Macco said. "I generally think it's a bad idea to say, i don't even like the phrase - is now a good time to get in or get out? That's never a prudent investment strategy."
