As stock market dips, financial experts stress patience

VANCOUVER, Wash. — As the stock market continues to swing, many people are wondering what they should or shouldn’t do to protect their retirement funds. 

Experts say the important thing is to have a plan, stick with it, stay diversified and take the long view.

“This is just part of being invested in the markets. We’re going to go through ups; we’re going to go through downs,” said Linde Carroll, a financial advisor for Momentous Wealth Management in Vancouver. “I know it can be a really scary time, especially when we have these periods where markets drop really quickly.”

Financial experts say the market will eventually rebound, but what if you’re about to retire? Carroll said long-term investment strategies still apply to you.

“You don’t need every single dollar you’ve saved for retirement on the first day you retire,” said Carroll. “We use the bucket strategy, where we’re looking at short term monies; let’s keep those in safer cash and cash-like instruments. 

“But money that you need longer term — 10, 15, 20 years down the line in your retirement — it’s okay to keep those invested in, keep those in markets to work for the long-term because that’s your best hedge against inflation.”

Carroll said as the value of your shares rises and falls, it’s important to remember that you still own your shares. That won’t change despite the certain uncertainty that lies ahead.

“Hunker down,” said Carroll. “We might be in for a bit of a ride for a while.”