AUSTIN (KXAN) — The tumbling price of oil isn’t just impacting you at the gas pump.
Joining us in the KXAN studio to explain is financial expert Brian Pearson with the IHC Financial Group.
According to Pearson, prices are falling because global oil production keeps rising, leading to an oversupply and bloated inventories.
“For my clients who are either in or approaching retirement, they may want to withdraw from savings accounts or other money that is not tied up in stocks to give their 401K’s time to recover,” said Pearson. “Younger clients, they have years to make up the losses.”
However, some good news from the fall in gas prices is cheap air fare. Plane tickets are the lowest they have been in the three years.
Additionally, the low oil prices also means it costs less to heat your home.
Pearson says he recommends putting away those savings so you can get a long-term benefit instead of spending the money quickly and mindlessly.