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The impact a record high stock market has on your wallet

Posted at 6:19 PM, Feb 23, 2017
and last updated 2017-02-23 18:19:49-05

The Dow closed at a record high on Thursday.

It has been up more than 1,200 points since Donald Trump was elected President of The United States. Many financial experts say this is good news for your retirement savings account and those who have money invested in stocks.

According to ABC News, in the last month the typical 401K has gained between $5,000 and $6,000.

Dal Giuliana, a retired retail employee in Buffalo, says his 401K increased over 40 percent within the last month. This is good news for the senior, because his retirement savings took a hit during the 2008 recession. At times, it had him even worried about losing his home.

“I think it’s very important for seniors to feel secure enough that they can be able to provide enough for themselves that they don’t have to depend upon their children or other people to take care of them,” Giuliani said.

Jeffrey Hahn, a partner at S.C. Parker & Co. Inc., said the anticipation of President Trump’s corporate tax cuts are part of the reason why the market is doing so well.

“The worst thing to do right now is nothing. So, if you’re not investing. If you don’t have a plan and don’t have a systematic program going on then you want to start one,” Hahn said.

Experts say the best way to start is to work with a financial advisor and invest in companies you’re familiar with. Starting small is the key.

Cynthia Darone has been working with a financial advisor for many years. The retired school teacher is reaping the benefits of small investments she made while teaching.

“Even though I was just a teacher and didn’t make all that much money, I have a little more money than most of my friends. I travel. I’m in and out of town all the time. I just came back from a cruise. I went by myself, because nobody had any money,” Darone said.