GRAND RAPIDS, Mich. — U.S. stocks continued to fall on Friday as the DOW Jones Industrial Average dropped more than 2,000 points in reaction to the economic uncertainty brought on by the Trump administration's new tariffs.
READ MORE: US stocks tumble 5% as markets react to Trump’s global tariff plan
While Wall Street is miles away from West Michigan, the well-being of the market can directly impact your retirement plan, depending on the construction of your portfolio.
"A durable, properly-built retirement plan is ready for days like today," said Matt Eilers, founder and CEO of Medalist Wealth Management in Cascade Township.
"Just having a big basket of investments is not a financial plan, unless you've got a job description for why you own what you own, and understand the role that it plays in your financial life," he said.
As a person nears retirement age, the CEO says their portfolio should begin take on less risk, allowing it to weather down days — or even down years — on Wall Street.
"If the downturns of the market are making you uncomfortable, it's probably a good time to meet with a professional and make sure your portfolio is balanced with the right amount of risk that you're actually comfortable with," Eilers said.
According to CNN, extreme fear is driving the US market. A similar metric, the CBOE Volatility Index hit its highest point since August 2024.
READ MORE: CNN's Fear and Greed Index
For the sake of your savings, though, Eilers says its best to not feed into the panic.
"An emotional decision could result in locking in those losses inside of your portfolio," he said, adding that those "sitting on the sidelines" may want to invest in positions that are "on sale right now."
Ideally, Eilers would like to see the federal reserve to decrease interest rates, which President Trump has pressured it to do.
"The markets don't like uncertainty, and that's just what we're seeing," he said.
