The market drop can be unnerving for anyone—especially those on the verge of retirement. However, there are many ways to protect your nest egg and counter volatility.
Chris Hogan, a financial expert and author of “Retire Inspired,” told FOX Business making sure you’re diversified is key.
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“It’s very, very important that we never put all of our eggs in one basket,” Hogan told Maria Bartiromo on “Mornings with Maria.”
For those near retirement, Hogan suggests looking into growth stock mutual funds.
“Understand the mix with that, with growth, aggressive growth,” he said. “Understanding those opportunities that you have is a way to diversify.”
With the U.S. labor market near full employment and the nation seeing the lowest jobless rate in 17 years and the best wage growth since 2009, Hogan also encourages millennials to “stay calm, stay plugged in and work your plan.”
“Don’t allow this hiccup in the market to cause you to stop investing or pull money out of your 401(k),” he said. “A knee-jerk reaction today could cause you major financial losses for the future.”