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Knowing your finance options amidst coronavirus concerns

Updated: March 16, 2020 04:33 PM

Coronavirus concerns have taken a toll on the stock market and for the first time in more than a decade, the stock market is in "bear market" territory.  

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Barry Bigelow with Great Waters Financial shared what this means for your money. 

"We did enter that [a bear market] last week and on Friday we came a little bit higher than that, but things are looking like we're going to head back into that territory again today," Bigelow said on Monday, March 16.

The government is doing some things to boost consumer confidence including a the Federal Reserve's rate cut. 

Bigelow said if you're years away from retirement, just don't look at your 401k.  Keep putting money away and think long-term.

"If you are close to retirement, it's all about your plan," Bigelow said.  "Do you have layers of risk within your portfolio so you can get at some money without taking large losses."

Bigelow said right now is a great time to save if you have extra money coming in. 

Copyright 2020 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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