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When we're dealing with retirees on a fixed income, navigating these tariffs can be really challenging. So we tend to look at some of the general defensive sectors that you might consider, like energy stocks can perform very well. If we continue to see this low rate environment. You know, there's certain sectors that are gonna really perform a nice safe haven for clients in their portfolios, but it's about having that balance. It's about looking at your portfolio on a regular basis, being involved with your advisor, making sure your risk tolerance hasn't changed and not panicking. We don't want to bail out at the bottom. It's about the worst place we can get in. Might be a great opportunity to buy stocks on sale.

If you thought that trade headline was going away, think again. 

As you all know by now, that additional 10 percent tariff on approximately $300 billion of Chinese imports, kicks in on September 1. So, for the people (retirees) who are living on a fixed income, what does it mean for day-to-day expenses? 

In our Ask the Expert series, Tony Drake, CEO at Drake and Associates, says it would be challenging.

"There's certain sectors that are gonna really perform a nice safe haven for clients in their portfolios, but it's about having that balance. It's about looking at your portfolio on a regular basis, being involved with your advisor, making sure your risk tolerance hasn't changed and not panicking, " he said.

Want to hear more on what Drake has to say, watch the video above.

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