Interest rates

Advisors Excel Explains What High Inflation and High Interest Rates Mean for Retirement Savings

TOPEKA, Kan. (WIBW) – The cost of gas and groceries is rising, interest rates are higher, and the stock market is rising and falling.

Advisors say it’s not something they haven’t seen before.

“Let’s not panic, we’ve seen this before, the markets will cycle that’s what they do,” said Megan Jones.

“We’ve all come through the pandemic well, so now is not the time to panic, maybe stop, but don’t panic,” said Chris Radford.

Megan Jones, of the Jones Advisory Group, says the market downturn can be positive.

“Actually seeing the market decline is actually a good long term market, if it goes up forever we will never have a cycle and when it crashes it will be much worse.”

Radford says the average person shouldn’t worry when trying to save for retirement.

Based on past trends, a recovery is near, it may take a bit longer.

“In March 2020, the market fell 35% in a few days and we recovered in five months. The recovery is going to be slower, the market will come back, we have a solid financial structure with our economy and good companies,” he said.

Jones and Radford both advise if you’re worried about investing in your retirement, there are tools to help you along the way.

“I recommend that you get a good financial advisor, regardless of your age or the type of network you have. Invest your time in finding a good financial advisor to advise you on your retirement savings, emergency savings and your budgeting,” Radford said.

Copyright 2022 WIBW. All rights reserved.