GREENSBORO, N.C. — Financial expert Matt Logan says our investment plan differs depending on the age group.
For the younger sector of the workforce or those within the first 10 years of their careers, Matt says this is a gold mine. He says they need to invest in their 401k at work if they haven't already and if they don't work at a place that offers this they should open an investment account with a financial planner.
He says the market hasn't bottomed out yet but there has been so much devaluing of the stocks that when it does come back they will reap huge benefits.
For folks within 10 or 15 years to retirement or those in the mid to late stages of their careers, it is similar. Logan says, if possible, put more into your investments. He says that "there are some great deals out there on solid companies that will bounce back quickly as the market returns. "
For those within 5 years of retirement, he says don't panic yet. A lot of companies have age-based retirement plans. Those are the ones that have a target year for your retirement and they adjust the investment balance as you near retirement. If that is your situation he says your retirement account may not be as bad as you think.
Logan says as the federal government drops interest rates the bond yield goes up.
In general, Logan emphasizes that investing is the opposite of what most people think. When the market is down, you buy. When the market is up, you hold tight.
