How to Navigate Trump's Tariffs on a Fixed Income

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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.

Related: How Retirees Can Protect Themselves From Volatility

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