INDIANAPOLIS–You shouldn’t panic and start selling your stocks just because of the market volatility created by the reaction to coronavirus, says retirement expert Bill Demaree, known in Indianapolis “Your Retirement Guy”. He says the best advice is to stick with your formula and consult an expert before doing anything drastic.

“The market cycles are usually seven years. We haven’t had our latest downturn since 2008, so we’re due for one,” said Demaree.

He said if you are in your 20s, 30s or 40s, you’re still building your nest egg and the best advice he has is to leave your portfolio alone. If you’re older, though, you have to make decisions on how to protect what you’ve already built for your retirement income.

“I just think that people need to stick with their formula of preserving and protecting the money that they’re gonna need for income purposes,” he said.

But, Demaree said you need to be cautious about making any drastic decisions.

“I would consult someone first. I think it’s always better to have the advice of a retirement advisor or a financial advisor so that they can give you some ideas on what you might want to do and some things that maybe youy haven’t considered.”

Demaree said that no matter what, you shouldn’t panic.

“I don’t like the panic mode. I like looking at facts and I like taking actions based on what’s happened in the past.”