ROCHESTER, N.Y. – Have you checked your 401(k) lately? Here’s some advice… don’t. It’s a scary sight. This consumer alert is all about navigating some choppy financial waters.

The markets don’t like tariffs and uncertainty. Unfortunately both have been pouring from stormy financial skies. President Trump is calling Wednesday, April 2 “Liberation Day.” That’s when he’ll announce the new tariffs he plans to implement, all of which could rock your retirement fund. So, I chatted with a local financial wiz for some advice.

It’s all smiles as the opening bell rings, then it gets ugly. Market movement has been demoralizing of late. So,https://www.invessent.com/ your IRA or 401(k) has likely taken a big hit and that’s scary. Invessent CEO Jarret Felton says take a deep breath.

“Money is emotional. Let’s call it what it is,” Felton said. “So if we understand that and we’re of sound mind and sound judgment today, putting a good disciplined plan in place for investing would probably make the most sense.”

“Because the people that had a knee-jerk reaction when the market went down and sold out, the question is when do you get back in? Timing the market is a fool’s game,” he added.

But should this tariff tussle and the international uncertainty created by it affect your investment strategy?

“Each individual client that we work with has their own individual financial plan. And for that reason, it’s longer term focused or minded so that means it will be far after this administration is existence,” Felton explained.

At the same time, he’s keeping an eye on the possible impact tariffs could have on businesses that are highly dependent on imported goods. He uses Amazon as an example.

“There are a lot of products that are coming from other countries. If those do have increased costs, is there going to be the same revenue generated by those companies that are doing the logistics transport of those said products that are foreign that now have tariffs to our doorstep,” Felton said.

“We do have to be mindful of the set agenda items and initiatives of this administration so we can properly help clients navigate this space,” he added.

Economists are worried because tariffs have a domino effect. For example, a tariff on auto parts leads to higher car repair costs, which leads to insurance carriers raising their premiums. But the key to protecting your nest egg is a three-pronged approach: have a plan, stick to it, and don’t panic.

AI assisted with the formatting of this story. Click here to see how WHEC News 10 uses AI