Experts offering retirement advice during economic uncertainty -

Experts offering retirement advice during economic uncertainty

As stock market volatility continues, many people are worried about their retirement.

Frank Santmeyer says his retirement accounts have taken a big hit. "My 401-K is way down...and it won't be back for a while," Santmeyer says.

Edward Jones Financial Advisor Linda Rabon says the key to surviving an economic downturn is to stay calm.

"What they have to remember is to keep their emotions in check.  [They need to] sit down, look at [their] investments; this could be a good time to buy some good quality investments at an attractive price," Rabon says.

Rabon says those planning to retire should look into the possibility of refinancing their homes while interest rates are low, and also reevaluate their living situation to ensure their financial outlook can support such a lifestyle.

She also says it is important to have between 6 and 12 months of emergency money stored away in case of an unexpected situation such as job loss or catastrophic stock collapse.

"[Storing emergency money is] probably one the things people do not do or are not able to accumulate. Emergency money is essential," Rabon says.

Santmeyer says he is not altering his retirement plans because he has seen economic downturns before.

"[I will] just hold out and hope that Washington [DC] gets their heads together," Santmeyer says.

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