Local experts say demand for financial services is on the rise
Local experts say the demand for financial services is on the rise during the coronavirus outbreak.
Moss Wealth Management Financial Advisor, Steve Moss, said many people in our area had to dip in to their savings and retirement to make ends meet after Hurricane Michael. Now many are doing the same during the pandemic. Moss said that's why it's always important to have a rainy day fund for when tough times hit.
“You have an emergency fund available,” said Moss. “That's liquid, easy to get to. You can get into it first before you have to dip into your retirement savings where there's usually a penalty and taxes associated with that.”
Moss said it's also a good idea to have a long-term financial plan.
“On the short term, you'll go crazy,” said Moss. “You'll be buying and selling and it won't work out well. If you have a long-term view of the markets, of your retirement planning it usually helps in the long run. It will ultimately provide a much nicer in larger nest egg for you to use when you are retired."
Moss said even though times are tight it's still important to contribute money to your employer retirement plan because most have an employer match.