Pinellas county residents feel tariff impacts on retirement funds

PINELLAS COUNTY, Fla. — Wall Street saw the third straight day of losses since President Trump introduced his latest round of tariffs and it's causing people's retirement funds to take a hit.

"I don't want to see any more money come out of it…I mean, I need what's left in there," said Diane Busto.

Busto is retired and lives off of her 401k, something that many are seeing decrease.

"I can't afford to lose money out of that. It has to last me for so long," said Busto.

"I'm very upset with what the stock market is going on these days," said Ken Jonas, who is also retired from Pinellas County.

Financial markets in the U.S. have dropped since President Trump introduced tariffs on many imports, affecting retirement funds.

"It did take a pretty big chunk…over 10% of our retirement fund has disappeared in the last couple of days," said Jonas.

Local financial advisor Mark Vernick said it's reasonable to feel concerned about your money.

He said if you are worried about making ends meet, it could make sense to set aside some cash for the next year or so.

"One of the best things you can do, especially for a retiree, is to have a cash position, have a cash reserve…how much cash depends on you. Everyone has a different comfort level," he said.

He said financial diversity, like bonds, can also be helpful.

"The old thing about asset allocation matters…not having all the eggs in one basket," said Vernick.

He recommends people of all ages talk to a financial advisor, but in the meantime, he said keeping money in the stock market is a good idea.

"Markets traditionally come back…they will come back and pull back up, so if you sell now, you're going to be forced to sell low," said Vernick.

"Hopefully it comes back eventually but I think it's going to be a long time before it comes back," said Jonas.