Participants of the Nazarene 403(b) Retirement Savings Plan should not panic because of fluctuations in the stock market. That’s the advice of Kevin P. Gilmore, director of Pensions and Benefits USA. Apprehension about the spread of COVID-19 has raised fears about a possible pandemic and, consequently, investors have the jitters. Gilmore said clergy and church-employed laypersons who invest for retirement through the Nazarene 403(b) plan with Fidelity Investments should think about the long term and hold steady:
“The recent downturn in the markets calls for engaging in financial wisdom, which includes the need for a long range view—even when stocks decline by 12% in a matter of days, as they recently did. The fact you are already invested in the markets for retirement indicates you are aware of the need for a long range view.
“While the virus scare is a new thing, the fact the markets occasionally decline in the short term is not. It happens. The worst thing you can do is panic and make impulsive decisions that could negatively impact your retirement.
“As I was writing this, the market closed. The Dow Jones Industrial Average today (3-2-20) jumped by 1,293.96 points (5.1%). That’s the biggest percentage gain since March 2009, and the largest ever points gain for the 30 stock average.
“I encourage our participants, ‘Stay calm, this too shall pass.’ If you can’t stay calm, contact a licensed financial advisor at Fidelity to help you move forward.” Fidelity Investments has several resources to guide investors through market rollercoasters. Here are a few:
- 6 Tips to Navigate Volatile Markets
- 7 Principles of Investing in a Volatile Market
- Coronavirus and Investors
To speak with a Fidelity representative about your Nazarene 403(b) Retirement Savings Plan account, phone 866-NAZARENE (866-629-2736). To view your account, log in at Fidelity NetBenefits.
Note: Investing involves risk, including the risk of loss.