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Katherine Ross: The market flip flop continues. I'm here with Tony Drake, CEO of Drake Associates to break down what it all means for your retirement. Tony, bond yields have increasingly become a focus point on Wall Street. If I plan on retiring, because obviously I'm of retirement age, retiring this year, should the 10 year have me on edge?

Tony Drake: You know, it's certainly catching a lot of media attention and particularly for retirees, if you're retired or nearing retirement, you know, hearing all this noise can be really scary. But I think it's important to look at the fundamentals of the economy. You know, we would look at our US economy. Job starts are great, unemployment is low. And one of the big indicators we look at is consumer spending, I mean the June rate was over 8%. You know, our economy is doing good. You know, when we have these European, ECB just announced they're going to buy about every debt instrument they can and you know, it may be more of a supply and demand issue. So it's really important for retirees not to get too focused on one big media headline and really focused on the big picture. Have a plan, and try to stay calm and stay focused.

Katherine Ross: So after such a volatile week, how should investors approach their 401k or their portfolio?

Tony Drake: The biggest thing is to have a plan. If you have a longterm plan, you don't want to make short term reactions to what I call kind of situational events that happen, right? If we look at this inverted yield curve that's getting all the attention - data shows us, it has to be 10 days plus before it really has a good indication. And again, there's a lot of economists that are saying may not be the indicator that it used to be. Not too much in the six months in, you're following a yield curve inversion can be a really strong. So best thing is to have a plan. Make sure you're staying diversified, rebalance the portfolio, not due to a yield curve inversion, but due to the right balance that fits with your planning, your time horizon.

It's been a wild week in the markets. Here's how investors should approach their portfolios after a series of volatile sessions in the markets.

Tony Drake, CEO of Drake and Associates, sat down with TheStreet to explain how investors and potential retirees should look at their 401k's after a week in the markets that may have left many with anxiety. 

When asked about whether or not investors should pay close attention to the 10-year after a brief yield inversion Wednesday morning. 

Here's what Drake had to say:

"You know, it's certainly catching a lot of media attention and in particular for retirees, if you're retired or nearing retirement, hearing all this noise can be really scary. But I think it's important to look at the fundamentals of the economy," said Drake.

And, of course, after a series of volatile days in the market, how should investors approach their 401k? Drake breaks it down:

"The biggest thing is to have a plan. If you have a longterm plan, you don't want to make short term reactions to what I call kind of situational events that happen, right? If we look at the inverted yield curve that's getting all the attention - data shows us, it has to be 10 days plus before it really has a good indication," he said.

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