Planning for retirement amid market volatility
Paul Miller of Miller & Company joined Yahoo Finance's The Final Round to talk retirement planning amid the recent volatility we've seen in the market. This segment is brought to you by Fidelity Investments.
Video Transcript
MYLES UDLAND: All right, welcome back to Yahoo Finance live. Myles Udland with you in New York. It's time for Retirement Ready brought to you by Fidelity. Today we are joined by Paul Miller. He's the founder of Miller & Company for just really a conversation, Paul, I guess, about what investors are to make of this market environment.
Things have changed very quickly, and I know that for retirement savers, there's a little bit of paralysis around do you need to react? Do you need to do anything? What have you been telling some of your clients?
PAUL MILLER: You know, it's interesting because a lot of people don't know what to do. They don't know. Should I sell? Should I hold? Should I buy more? Most of their financial advisors are telling them to hold their investments. A lot of people are selling because they're just panicked, and a lot of people don't know what their job-- what the status of their retirement account's going to be.
JEN ROGERS: So what if [INAUDIBLE].
MYLES UDLAND: Go ahead, Jen.
JEN ROGERS: What if you need to retire right now, you know, in the next year and you keep hearing that there's another leg down? Do you sell right now, or have you missed the opportunity to sell? What are you telling people that are actually close to retirement age?
PAUL MILLER: That's a really good question. I think you have to look at your over-- I think it's a really good question. I think you have to look at your overall portfolio and see if this is all the money that you have. If it's not all the money you have, you want to hang in there a little bit because eventually it will come back. But if you really need the money, you take what you need as you need it. I wouldn't-- my advice is not to rush to sell because I think you've missed that point already.
MYLES UDLAND: And then, Paul, you know, something we were talking about amongst ourselves in our meeting this morning was the idea of rebalancing as something that's really important right now because I think a lot of people's portfolios may end up pretty out of whack after what we've seen in the last couple of weeks. Is that something to do right now, or is that something that you need to be a little more careful with?
PAUL MILLER: I think you have to look at, first of all, what options you have inside your retirement plan. A lot of people don't have as many options as they think they have, or they mostly have mutual-fund-based options. So they have to look at what their options are, and they should consider rebalancing.
I mean, a lot of people right now would want to stay away from oil. They may think oil is not the greatest place to have your money today or to think of what other options that are out there rather than just what they've been currently doing. So [INAUDIBLE] would be a good suggestion.
MYLES UDLAND: All right, Paul Miller is the founder of Miller & Company. Really appreciate the time today, and we'll talk to you soon.
PAUL MILLER: Thank you.
