Financial planners offer advice for retirement - KPLC 7 News, Lake Charles, Louisiana

Financial planners offer advice for retirement

Many who've spent their lives working and contributing to 401K accounts for retirement are sickened by the loss in value they've seen in their investments.

So, where do they go from here? What's the best way to respond to the volatile market to assure enough money for one's "golden" years.  Or is it best to just plan on working one's whole life.

We'll talk to two financial advisors to get their thoughts and advise for those nearing retirement.

For years they've been telling everyone to save for retirement and not to count on Social Security to cover the cost of living in years to come. If you've taken that advice and tried to save, it's frightening to see your 401k suffer a sudden loss in value.

"If you're concerned about the volatility,don't look. it scares you to look, don't look," jokes Investment Advisor Reed Mendelson. That's one way to look at it. Yet all kidding aside, he admits-- watching the market day by day is not nearly as productive as having a plan and following it. "Markets go up, markets go down. But in the long run, markets go up. And so we develop an investment plan and we know that we need to save for retirement. And it's more important to have a plan to know what we're going to need."

If you have a plan and follow it, the ups and downs will be what you expect on the road to retirement..Randy Harless with Terrell and Associates is what they call an investment advisory rep. He says don't panic. "You've got to be able to put your head on the pillow at night and go to sleep and if whatever's going on in the market or your portfolio causes you to lose sleep, then you need to revisit that and you need to make whatever changes are necessary to allow you to sleep so that when things like this happen you don't panic," He says.  "You have that sense of discipline and patience and faith that your plan is going to work for you. You don't want to be all in one bucket, so we talk about diversification. You want your portfolio to be spread across so you don't gain a lot from having one thing and you don't lose a lot from having one thing either."

 Course, each situation has to be evaluated individually and consider issues like age, income and assets, says. "Prices are down. You should think about putting more in while it's cheaper. Maybe. If your situation is right for that."

Both Reed and Randy agree it's a good idea to sit down and discuss your situation with an investment professional and there are those who will talk to you without charging a fee.

Copyright 2011KPLC.All rights reserved

  • More Local NewsNewsMore>>

  • What's that noise? Jets arriving today for the Chennault International Airport

    What's that noise? Jets arriving today for the Chennault International Airport

    Thursday, April 27 2017 12:57 PM EDT2017-04-27 16:57:03 GMT
    (Source: Chennault Airshow)(Source: Chennault Airshow)

    If you hear a roaring through the skies over the next few days, it's likely aircraft from the Chennault International Airshow, which begins today. Look to the skies and you're likely to see plenty of jets and jet trails. For airshow schedules and performers, click HERE. Copyright 2017 KPLC. All rights reserved.

    More >>

    If you hear a roaring through the skies over the next few days, it's likely aircraft from the Chennault International Airshow, which begins today. Look to the skies and you're likely to see plenty of jets and jet trails. For airshow schedules and performers, click HERE. Copyright 2017 KPLC. All rights reserved.

    More >>
  • Local businesses to hosts anti-bullying prom to combat bullying in SWLA

    Local businesses to hosts anti-bullying prom to combat bullying in SWLA

    Thursday, April 27 2017 12:30 PM EDT2017-04-27 16:30:10 GMT
    (Source: pablo)(Source: pablo)

    Bullying is an issue in schools across the country

    More >>

    Bullying is an issue in schools across the country

    More >>
  • Chennault Airshow takes off at dusk Friday

    Chennault Airshow takes off at dusk Friday

    Thursday, April 27 2017 12:26 PM EDT2017-04-27 16:26:27 GMT
    (Source: Chennault Airshow)(Source: Chennault Airshow)
    The Chennault International Airshow is almost here! Gates open at 5:30 p.m. Friday and the first show begins at dusk. The show will go on all day Saturday and Sunday, from 10 a.m. until 5 p.m, with gates opening at 9 a.m. both days. As it has in the past, the airshow will feature jets, aerial stunts and vintage aircraft. Performers will include the U.S. Air Force Thunderbirds and the U.S. Army Golden Knights. The airshow returned to Chennault in 2013 after a 15-year hiat...More >>
    The Chennault International Airshow is almost here! Gates open at 5:30 p.m. Friday and the first show begins at dusk. The show will go on all day Saturday and Sunday, from 10 a.m. until 5 p.m, with gates opening at 9 a.m. both days. As it has in the past, the airshow will feature jets, aerial stunts and vintage aircraft. Performers will include the U.S. Air Force Thunderbirds and the U.S. Army Golden Knights. The airshow returned to Chennault in 2013 after a 15-year hiat...More >>
Powered by Frankly