Financial adviser gives tips on dealing with volatile markets

JACKSON, Tenn. – In late February, the stock market collapsed, recording one of the worst declines since the 2008 recession.

Since then, it’s been nothing but volatile.

“We’re seeing the market and the S&P 500 down about 15 percent year to date,” said Brad Little, a financial adviser with Voya.

These uncertain times have many wondering about their retirement funds. If you keep track of your retirement account, it probably hasn’t looked good as of late.

“Sometimes folks are apt to make quick decisions, in terms of selling out of funds or moving everything to a fixed account,” Little said.

But Little added that overreacting is not the answer. In fact, if you have a retirement account, look into putting more money in the account.

“Shares of funds within those plans are at a lower cost or cheaper prices, so you are able to buy more shares at cheaper costs,” Little said.

Many Americans have begun receiving their stimulus checks from the government, as part of a $2 trillion bill.

When it comes to the stimulus, other advisers say to spend it where you need it most.

For many, that’s day-to-day groceries. For others, it’s paying off debt.

“Those checks will be used by most folks for living expenses, and for basic needs, and to cover cut hours,” Little said.

Another tactic is to start saving up for a rainy day fund, which will come in handy in situations like these. Either way, the volatility doesn’t mean you can’t make smart financial decisions.

“The earlier the better, but it’s never too late to start saving, especially when you’re saving for retirement,” said Little.

A majority of Americans will receive around $1,200 from those stimulus checks.