What does Mondays stock market drop mean for your savings?

It was the largest-ever drop in points.

SALT LAKE CITY (News4Utah) - Since Friday, the stock market wiped out more than a trillion dollars. The 1,175 point drop was the biggest drop in a single day ever, translating to a 4.6% market decline. But, economists say this fluctuation is totally normal. 

Ryan Thacker is the President of B.O.S.S. Retirement Solution. He said, "We've been on a euphoric ride in the market, for the last 8 plus year and the reality is that yesterday was like a kick in the stomach and a reminder that markets don't just go up; they go down."

The average American may have lost a few dollars, but that money is coming out of what they already earned in this healthy market, not from the original investment. 

Thacker continued, "What I recommend is you have a comprehensive game plan that covers income, inflation, risk, taxes and estate planning, how you're going to pass that on to the people that you love."

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