The news on the economy is overwhelming... especially for families who have limited amounts to invest in the first place.

So we sat down with financial expert Mike McKersie with Clifton Gunderson to get some updated advice.

First, make sure you get a thorough analysis if you haven't already.
You may need to make some changes.

Mckersie says, "People of all ages have really had a redefining of their ability to handle risk. Whether you're 100 percent stocks or 100 percent bonds and cash, your risk has adjusted because of what's happened over the last 9-12 months."

The second big piece of advice is to re-evaluate your 529 or college savings plan for the kids.

You can do this on your own *or with a financial adviser.

"It would be worthwhile to go back and take a look at those again. Even take the risk assessment test that they often have inside of there... just to see if you're still in the right portfolio." says Mckersie.

Finally, annuities. If you don't know what they are, now might be a time to check them out.

They have a large range of risk and might help you spread the money around.

Mckersie says, "You just need to continue to ask as many questions as possible until you fully understand what you're getting into if you don't understand it you can always go to other advisers out there and get a second, third or fourth opinion ... on is this right for you?"

For more information or how to get in touch with Clifton Gunderson, log on to nbc 15 dot com and click on newslinks.