MURFREESBORO, Tenn. (WTVF) — With stocks tumbling and market volatility rising, we know many of you are keeping a close eye on your money.
A lot of people are worried about their future plans.
“I don’t understand a lot about finances, but I can learn and listen,” Retiree Jodi Sogaard said.
Sogaard is an avid news consumer, but she prefers positive stories over negative ones any day.
“If there’s a baby tiger born somewhere that makes it a little better than listening to all the bad and negativity otherwise,” Sogaard said.
For half her life, she’s been planning for retirement, and now, six years into it, she’s on edge because of the stock market uncertainty. But she doesn’t let it define her life. Her retirement money isn’t entirely dependent on how well the stock market is performing.
“We have a bucket that is very safe and a bucket that's a little bit riskier. When we do well in one bucket, let’s take this profit out of the risky bucket and put it into something safer,” Sogaard explained.
She also works with David Globke of SFA Wealth Management, a financial adviser she trusts.
“There’s an entire array of tools that are not available inside typical 401ks and group plans that are in fact inside the IRA Roth and IRA space,” David Globke said.
Apart from stocks, bonds, and mutual funds, there are other financial tools people can use.
“There are tools like annuities. Tools like life insurance that can provide people will some level of volatility protection and the ability to protect the savings they’ve earned over their lifetimes,” Globke explained.
When it comes to the stock market, Globke urges retirees not to panic.
“In general, these types of swings, ebbs and flows in the marketplace, are very normal. Normal for the S&P to correct almost 10% per year 93% of the time,” Globke said.
Advice Sogaard continues to follow.
“It goes up. It goes down. It goes up, it goes down and if every day I looked at that I would lose sleep at night,” Sogaard said.
Sogaard advises those planning for retirement to start setting aside a little money from each paycheck. Over time, that savings will grow, and she recommends working with a trusted financial adviser to help manage it.
Do you have more information about this story? You can email me at aaron.cantrell@newschannel5.com
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