401K, pension plans take hit as market spirals amid coronavirus concerns

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Fears about the coronavirus are taking a toll on the market with 401Ks and pension plans taking a hit Monday.

The Dow plunged more than 2,000 points and oil prices plummeted nearly 20 percent.

"That was the oh my God moment where things are not only about to fall apart, but crumble," says financial advisor Michell Goldberg.

GET THE FACTS: What you need to know about coronavirus

Goldberg has been closely monitoring the situation. He says the coronavirus isn't really necessarily the cause. He says it's more of a trigger for the market plunge.

Goldberg says oil prices are also going down, which means good news at the pumps.

Experts say, however, that the falling gas prices could also reflect a possible recession.

GET INFORMATION: Coronavirus details from the CDC

Goldberg says even though the market downturn is raising fears among his clients, the best piece of advice is to remain calm in the chaos. He says Long Islanders may take a short-term hit, but they shouldn't make a hasty decision.

Monday's market plunge was the worst since 2008.

PHOTOS: The impact of the coronavirus outbreak around the world:

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