LEHI, Utah (ABC4 News) How will the current economic concern and the talk of a recession impact your investments? Your retirement? And what about your 401K?
ABC4’s Don Hudson asked Boss Retirement Solutions CEO Tyson Thacker those questions. “Everybody wants to know – how much am I down? But the reality is if you panic and try to sell everything right now then you could be making a bigger mistake.” That’s what Thacker said Thursday when I asked about the stock market volatility that has a lot of investors nervous. “First off. Don’t Panic.” His advice. Get some advice – from a professional. “There are a lot of folks who have their 401Ks and IRAs – they set it up 10 years ago and they’ve had this bull market for the last ten years and all of a sudden they are taking more risk than they thought they were taking.”
As for the economy and stock market. Thacker says it soon could be headed down. “We’ve had ten years of an upmarket. So, what goes up – is going to go down at some point. And the reality, I think we’re closer to a recession than we’ve been.” But he adds – current conditions look good.
“We’ve got strong jobs growth. We’ve got a great economy which continues to boom. So, we have a lot of other factors that are at play that normally don’t happen going into a recession as well.”
Thacker’s final advice for investors big or small. Don’t go out and start ‘Googling’ for help. He says to find a financial advisor who will work with your unique situation.