The recent stock market fluctuations are causing concern and anxiety for many people, especially those with retirement savings and investments. Maryland economist, Jason Cherubini, advises against making hasty decisions and pulling out of investments due to fear. He suggests that history has shown that after market retreats, returns can increase significantly in the following year.
After President Trump announced a tariff pause and raised taxes on China, the stock markets saw a 7% increase, boosting confidence. However, many Maryland workers are still worried about their future. Some, like Baltimore resident Sharon Achinstein, are considering working longer due to losses in their retirement savings.
For those nearing retirement, Cherubini recommends reevaluating investment strategies and potentially shifting to safer securities to reduce volatility. Financial experts caution against making rash decisions in reaction to market declines and encourage engaging in the basics of financial planning. Overall, it is important for individuals to remain calm, reach out to financial advisors for guidance, and focus on long-term financial goals.
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