What President Trump’s new tariff announcement means for your wallet

BOSTON — Lots of ups and downs for your retirement money as the stock market tumbles following another tariff announcement from President Trump.

“It’s gonna be like a whiplash, one day he says he’ll do, the next day he’ll revoke it back, so it’s all over the place,” said Vivek Ganihar, who’s concerned about his 401K. “Everyone should be concerned about it, it will definitely impact a lot of people.”

Financial advisor Nicholas Colantuono says this instability isn’t good for the economy, but you may not have to worry about your investments just yet.

It all depends on how close you are to retiring.

“If you’ve got 10 years, 15 years, fantastic, keep doing what you’re doing, but if you’re retiring at the end of this year or you’re planning on retiring in the middle of next year or even 2, 3 years from now, might not be a bad idea to just reassess the way you’re doing things,” said Colantuono, a certified financial advisor at Johnson Brunetti.

He says if you’re close to retiring, it may be time to talk to a financial advisor about protecting your money, whether it’s considering a rollover IRA or a Stable Value Fund - something a bit safer during this time of uncertainty.

“It’s a delicate balance between trying to grow your money, keep pace with inflation, make sure you’re turning savings into income, doing that in a tax efficient way, but also making sure you’re preserving and protecting what you’ve worked so hard for because if the market does fall in value, and who knows, maybe you’re retiring sooner rather than later, you don’t have the time to make up those losses,” said Colantuono.

This is a developing story. Check back for updates as more information becomes available.

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