SPRINGFIELD, Mass. (WWLP)– Monday’s stock market roller coaster ride started with a dramatic 1,000-point drop just minutes after the opening bell, with the Dow ultimately closing down more than 500 points.
Monday’s big sell off left many concerned over their retirement savings funds, but others who still have several years before they retire told 22News they were avoiding making any impulse or reactionary decisions.
The experts at St. Germain Investments told 22News they’re urging people to leave your 401K plan alone and stick it out with your long term plan.
“It’s critically important that if that we understand that if we make a move today it could dramatically affect tomorrow,” William Johnson, financial advisor for St. Germain Investments, said.
Johnson told 22News even during some of the worse market slides, letting your portfolio run its course is your best option.
He used 2008 as an example when he said people lost anywhere from 25 to 35 percent of their portfolio in just one year. He said those that stuck it out made it all back just two to three years later.