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How can Iowans stay financially stable during coronavirus pandemic?

Loren Merkle with Merkle Retirement Planning has some tips for you.

DES MOINES, Iowa — Staying a float during a time when many people aren't working, or working less, is on top of many Iowans minds. 

Loren Merkle with Merkle Retirement Planning told Local 5 that we probably will go through a recession in the near future, but that doesn't mean everyone should panic. 

It's nice to have a plan in place right now, but if you don't then he said it's not too late. 

He said the stock markets rise Tuesday helped ease many peoples fears. 

RELATED: Dow surges as Congress readies coronavirus aid package

The stock market is vert volatile right now and staying stable during times of insecurity helps people prevent knee jerk decisions on their finances. 

An example of a knee-jerk decision would be when people sell all their stocks because they see the market start dropping dramatically and they don't think they can take that financial hit. 

He said this is more common in people retiring in the next few years and not for people in their 30-40's who can ride out the storm.  

The main takeaway from Merkle is that people should not panic because a recession typically happens every four years. 

He emphasizes the need for people to have a plan in place when times start getting tough so they can avoid any fear or knee-jerk decisions that could dramatically affect their finances and their way of life. 

RELATED: State government issues relief for small businesses as cases of COVID-19 surpass 100

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