Coronavirus and Your Retirement Savings: Answering Important Questions

There's a lot going on, and investors and retirement savers could use all the guidance they can get.

(Image credit: Copyright Maskot Bildbyra (Copyright Maskot Bildbyra (Photographer) - [None])

As we navigate the coronavirus outbreak, a new survey shows Americans are more concerned about their finances than their health. Wall Street may be fueling that concern right now. Stocks were at record highs in February of this year. Since then, they’ve fallen more than 30%. The volatility stems from fears of a global economic slowdown due to the coronavirus pandemic. Investors have also been reacting to an oil price war, emergency interest rate cuts, the temporary closing of schools and businesses and news from Capitol Hill about the government’s plan to fight the spread of COVID-19. All of this is causing concern about our personal finances and our future retirement.

With that in mind, let’s take a look at some common questions financial planners everywhere are answering right about now.

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Tony Drake, CFP®, Investment Advisor Representative
Founder & CEO, Drake and Associates

Tony Drake is a CERTIFIED FINANCIAL PLANNER™ and the founder and CEO of Drake & Associates in Waukesha, Wis. Tony is an Investment Adviser Representative and has helped clients prepare for retirement for more than a decade. He hosts The Retirement Ready Radio Show on WTMJ Radio each week and is featured regularly on TV stations in Milwaukee. Tony is passionate about building strong relationships with his clients so he can help them build a strong plan for their retirement.