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Retirement Dreams: How to save in a down market

With markets falling, and so many retirement plans depend on those falling indexes, how do you keep saving confidently? We spoke to a financial expert about it.

JACKSONVILLE, Fla. — Markets are dropping, gas prices are through the roof and inflation is rising. 

All this might have you feeling like Lloyd Christmas from Dumb and Dumber:

"We got no food, we got no jobs, our pets' heads are falling off!!!" 

Well, it isn't that bad. 

But, there are some very practical ways to handle saving up for retirement as we approach a bear market, things that don't involve riding a moped to Aspen. 

Kendal Cann is a financial pro with TOAMS Financial in Jacksonville. 

Cann shared different saving strategies for several types of people on Good Morning Jacksonville.

For those who are near retirement: 

"If you're retiring in less than [two to three years], I would look at future contribution and start making contributions to bonds. Bond funds, look at the allocations that your company offers."

There are things she says you should avoid as well. 

"Stay away from equities, stay away from tech, specifically NASDAQ, just bonds," she said. 

For folks who are three years or more away from retirement, it may be easy to look at your tanking retirement account and want to stop contributing. 

Cann says don't think of it as losing money, instead keep contributing to the account and get stock while it's low.

"Ride the wave," she says. "I know that's hard to hear, but you have to keep making regular, consistent contributions to your account if you can afford to."

And that could work out better for you in the long run.

"You can actually capture lower prices."

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