The stock market has been on a roller coaster ride in 2007. Gary Kleinschmidt is a financial advisor in eastern Iowa and says now is a good time for a yearly review of your 401K or other retirement plans.
"People need to allocate their assets in such a way to minimize these ups and downs," Kleinschmidt says, "but there is a calculation that can take place as to how much you should have in everything and it’s dependent on risk tolerance, your age, and how soon you’re going to need to access those assets."
Kleinschmidt suggests getting professional retirement planning advice once a year just for peace of mind. He says, "If you’ve been uncomfortable, if any of this situation is something that you don’t think is contributing to your long term success, then that’s the time to go back and re-evaluate what percentage of your assets are in what asset classes."
Kleinschmidt is the branch manager of RBC Dain Rauscher in Davenport.