(WBRE/WYOU) — As the stock market continues to tank as a result of President Trump's trade war, many investors are left with fear and uncertainty about their investments.
As global markets plummet, panic and chaos have erupted in the financial world.
For seasoned investors, these dips are nothing new, but to those looking to secure their retirement, the future may look grim.
"I think there's gonna be some short-term pain for a little while, but I think in the long run it's going to be a good thing," Scranton resident Walter Lambert said.
"There's been a lot of volatility in the market, and it's getting impossible really to predict," Thor Foss from Tunkhannock said.
That uncertainty is the main driver in the crash we've seen so far, according to our financial expert, Louis Ingargiola.
"I personally believe this is an overreaction, the great overreaction, if I must say. But that's basically what it is, it's the uncertainty of what the tariffs may or may not do to our companies and the economy," Ingargiola explained.
Ingargiola says the market is, historically, negatively impacted by uncertainty.
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The most recent case of this was the COVID-19 pandemic, when it was a matter of life and death.
This time, the unprecedented tariffs imposed by the Trump administration is leading to a surplus of speculation and sell-offs.
"I don't know whether or not it's gonna- how long it's gonna be down and how much further it's gonna be down. That's impossible for anybody to predict," Foss added.
Foss says he's been preparing for his retirement for quite some time, but as much as he would like definitive answers, he'll have to wait.
"I just have to be patient and not get scared by all the news and politics," Foss continued.
Ingargiola says that having patience and sticking to your investment plan is the only way to beat dips like this one.
"It's emotional, it's psychological, the plan is gonna be okay. You're gonna be okay, you're gonna come through the other side, we've seen it before," Ingargiola said.
To those who may be afraid to keep investing?
"Don't use this as an excuse to say 'I don't want to invest anymore, maybe I'll stop putting money in my 401k' that is the worst excuse you could ever make," Ingargiola added.
Ingargiola adds that while investing for retirement is important, especially when it comes to beating inflation, one should never invest the money they need to survive.
