Many in Hawaii nervously watching their 401Ks as Wall Street hits bear market territory

As the bear market hits Wall Street, one financial planner said the Federal Reserve could put the country into recession to fight inflation.
Published: Jun. 13, 2022 at 11:05 PM HST|Updated: Jun. 14, 2022 at 4:17 AM HST
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HONOLULU (HawaiiNewsNow) - As a bear market hits Wall Street, many are nervously eyeing their retirement accounts and investments as stocks, bonds and the crypto market plummet.

Harlan Cadinha, chairman and chief strategist of Cadinha and Co., said the markets are volatile.

“It’s very foggy from the standpoint of analyzing the financial situation in the country right now,” he said.

“If they’re young, squirrel up all the cash you have and just keep systematically investing in good stuff, no reason to worry. If there’s somebody like my age, or somebody close to retirement, you don’t have a whole lifetime to save, and put a portfolio together. that’s where the worry should be the highest.”

Cadinha said if a person can put off retirement until things settle down, they should.

“You got an election in four of five months, so there’s fog there already,” said Cadinha.

“You’ve got the Russian, Ukranian war situation which is presenting a lot of instability because Russia is heavy on natural gas, it’s heavy on oil.”

Higher fuel costs in Hawaii are continuing to drive up the price of business.

AAA says a gallon of unleaded on average is $5.53.

Jocelyn Wu, who helps at family business Jay’s Sushi and Cakes, said they’re feeling the effects of inflation.

“When items are out of stock, obviously it’s frustrating because we can’t get the customers everything,” said Wu, adding that they’re having to pass some costs on to customers.

Food prices are up by 10% and getting their hands on baking products, fish and rice has been challenging.

“Because it’s like usually that items out of stock, or it’s more expensive,” said Wu.

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