Financial Advisor Says Investors Should Stay In The Market
The most recent news from Wall Street has made many people worried particularly those who are investing in 401ks.
Some folks have become so nervous that they've even been tempted to pull their money out of the market entirely.
However, Jose Matos, of Advanced Financial Group, told WBSM's Brian Thomas that he advises against this, saying that in the long run the market always turns around as recent history has shown.
"You took a big hit if you were invested in 2008, but the hit is on paper because eventually the stock market fixes itself and gets better," said Matos "from 2009 to 2014, we had nothing but up years."
In fact Matos says that for those who are still working and investing in 401ks this down turn in the market can actually present some great opportunities.
"For the person that's still investing, and doesn't need that money, that's the best thing that can happen to you," said Matos "because it's going to give you a chance to contribute and buy at cheaper stock prices then when it was up."
As for those who are planning to retire, Matos says they should take some of their money and invest more conservatively, such as in a fixed anuity, but also keep some of it in the market.
"I'm a big proponent of taking some off the table and putting into something more conservative, sometimes a fixed account, and that's what they're going to use for the first few years to live off of if they need it," said Matos "the rest if it needs to be in the stock market, because otherwise they're going to sleep well at night, but they're not going to make any money."