Advice to investors worried about coronavirus: 'no reason to make any moves'

MADISON, Wis. (CBS 58) -- Over the past few weeks, you've noticed stock markets going on a roller coaster ride tied mainly to fears about the effects of coronavirus on economies. So what does that mean for folks close to retirement and with investments in the market? 

As coronavirus -- or COVID-19 -- concerns continue, its effects on stock markets is visible on a daily, almost hourly basis. That can be worrying for people with investments in the stock market. 

"The big picture thing to think about for most investors is, there is no reason to make any moves," said Cliff Robb, who is a consumer science professor at the University of Wisconsin-Madison. 

Cliff Robb is a consumer science professor at the University of Wisconsin-Madison, and says if you're more than five or ten years away from retirement, there's no need to make changes because of coronavirus scares in the stock market. 

"If you are very close to retirement, hopefully, you’re already pretty balanced in your holdings and not so equity heavy that a down equity market would punish your ability to live comfortably in retirement," said Robb. 

With robust economic growth over the past decade, Robb says a slight downturn or even a mild recession isn't reason enough to chance long-term plans. 

"Assess where you are in your timeline, assess where you are in your plan," said Robb. 

While coronavirus may cause real world disruption, abstract speculation won't help your bottom line right now. 

"There's very few people or very low percentage of people should be considering any plan adjustments at the current time," Robb said. 

Robb says if you are currently in retirement and on a fixed income, you're hopefully not so tied in stock investments that it will have a major impact. Still, patience is key and review your plan.