BUFFALO, N.Y. (WKBW) — "This is the most damage we have done to the economy since world war two so this I not going to be snapping back," Anthony Ogorek of Ogorek Wealth Management said.
This may not be what you want to hear right now. Have you checked your 401k? Ogorek says this is a time to plan and not panic.
"If you're taking a hit with your cash flow, maybe it is time to stop putting money into those things [retirement plans]," Ogorek said.
Ogorek said you need to look at your budget before and after the coronavirus and change it accordingly.
"What are you really spending? Let's face it, a lot of people have time to look at it," Ogorek said.
If you're thinking about retiring in the next few years, Ogorek says it's not a question of getting in or out of the stock market but instead investing in the higher quality stocks or bonds.
"We are advising our clients to increase the size of the companies they are investing in and go with the highest quality that we can find because that's how you stay intact," Ogorek said.
For Millennials, this is the second stock market crisis they have experienced in their lifetime, the 2008 crash, and the coronavirus crash.
Ogorek says Millennials are more hesitant to invest than any other generation.
"They are saying, in my relatively young life I've had two significant stock market events, It not only scares me but I don't know if this is the same wealth creation tool that my parents had," Ogorek added.
Whatever your situation is, Ogoerk says this planning time should be about individual needs, whether that is needing more cash right now or time to keep saving.
"This is really different, and I don't think the rules of thumb are going to apply to everyone," Ogorek said.