It was another red day on the market Tuesday, and as stocks continue to plummet, many are wondering what it means for their money going forward.

Pressures from COVID-19 closures, product shortages, rising gas price and inflation have already impacted the economy. Now, 401Ks are taking a hit and experts warn that the declining economy is just beginning.

Dr. James Fisher, from Yonkers, says it’s hard for him to watch.

“I put away money for my pension and watching it drop precipitously…it’s frightening,” he says. “I try not to watch it because watching it doesn’t make you sleep well at night.”

Pace University economics professor Mark Weinstock says among other factors, the Federal Reserve Board simply dropped the ball.

“You’re nowhere near rock bottom at this point,” Weinstock says. “The whole idea that inflation was temporary was absurd. We don’t have that concept in economics, so the Fed delayed raising that they’re trying to make up for it.”

When the Federal Reserve meets Wednesday, they’re expected to raise interest rates, possibly as much as three-quarters of a percent, in an attempt to calm the markets and to fight inflation.

Experts urge people not to withdraw from their 401Ks, but they say it may be a good time to talk to their financial advisor about shifting their investments.

People could also consider buying Treasury Inflation-Protected Securities, or TIPS, from the Treasury Department. TIPS are where people can earn more interest on their money as inflation rises.