Amid market turmoil, Mid Oregon Credit Union CEO offers some guidance on what to do about your 401(k)
BEND, Ore. (KTVZ) — With the stock market in the midst of some tumultuous times, many people are worried about the future of their 401(k) retirement savings. For some guidance, KTVZ News spoke Monday with the CEO of Mid Oregon Credit Union.
In an interview, CEO Kevin Cole stressed that this is not a time to panic. The recent market fall, somewhat lessened on Monday, will impact you differently, depending on how close you are to retiring. If you're in a position to delay your retirement, doing so might help you wait it out.
Most importantly, your financial situation is unique to you, and you should meet with a financial advisor to get advice.
"I think of this as, you know, working on your car, right?" Cole said. "Cars these days are super-complicated, and most people when they need a repair or a service, they go to a trained professional.
"Yet: a shocking number of people don't think that they need to do the same thing with their finances, and that's where a lot of people make a mistake. So in a lot of cases, a trained financial professional is going to be able to give you advice that's going to help you maximize the return on your investments."
Cole says it's also reassuring the market in Central Oregon is slightly insulated from the national market. For better or for worse, there's no Fortune 500 company based in our area, and that shields us from some things.
"Central Oregon tends to have a more diverse and more a wider range of smaller companies as its economic base," Cole said. "And in a situation like this, where there's a lot of market volatility, that can be an advantage to an area."
Investing and banking locally can help our economy stay afloat, the Mid Oregon official says. By keeping your money here in Central Oregon, you support your own community and ensure greater stability.
