Financial expert gives big-picture advice for turbulent stock market - WKOW 27: Madison, WI Breaking News, Weather and Sports

Financial expert gives big-picture advice for turbulent stock market

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The stock market's taken a wild ride this week.  

27 News went to a financial planner to find some common sense advice for investors looking to protect their retirement.  

"The crisis is more psychological as it is anything else," said John Scherer of Trinity Financial Planning of Middleton.  "Have a plan, and follow that plan."  

Scherer tells his clients to think long-term and avoid making rash decisions based on the news headlines or daily market activities.   "It's like an airplane.  From the ground, it looks nice and smooth.  But when you're in it, you have the turbulence and bumps and turns."  

Scherer tells his younger clients still saving for retirement to keep buying mutual funds, especially at bargain prices.   Anyone within five years or so of retiring should watch their portfolio mix closely to ensure at least 50 percent is invested in safe investments, like CDs and bonds.  

Scherer's clients in retirement should avoid selling anything now at today's relatively low prices.  

Of course, these are broad principles.   For advice for your own personal situation, you should contact a financial advisor.  

Send comments to Dan Cassuto at dcassuto@wkowtv.com.

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