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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsVolatile stock market spooking some older workers, retirees
CHICAGO The recent turbulence in the U.S. stock markets is spooking some older workers and retirees, a group that was hit particularly hard during the most recent financial crisis.
There's no indication, though, that the recent volatility has brought about large-scale overhauls in retirement planning.
"There's a lot of fear that if you have another event like 2008 and you retire the year before or the year after, you're screwed. I'm not taking that risk," says Mark Patterson, a recently retired patent attorney from Nashville, Tennessee. "There's a huge fear of folks my age that they're going to run out of money and they're going to need to rely on the government for help."
By the time the market bottomed out during the financial crisis in 2009, an estimated $2.7 trillion had been wiped out of Americans' retirement accounts, according to the Urban Institute. Older Americans, in particular, have had a tough time recovering their losses. The Pew Research Center estimates the net worth of the median Baby Boomer household in 2016 was still nearly 18 percent shy of where it sat in 2007.
https://www.msn.com/en-us/money/savingandinvesting/volatile-stock-market-spooking-some-older-workers-retirees/ar-BBPRwj4?li=BBnbfcN
I'm semi-retired. I'm not panicking yet but my retirement accounts are worth less than they were earlier this year.
AJT
(5,240 posts)mia
(8,363 posts)I live frugally on my SS income. I look at my investments as an inheiritance for my children. If I end up in a nursing home, my assets will be depleted soon enough, and Medicaid, as of now, will take over. My childen will get nothing, but at least I won't be a burden to them. I hope.
doc03
(35,382 posts)decreased. I am in a retirement target fund that is about 40% equities and 60%
bonds. The equities market has made virtually no gains this year and the bond market is getting
killed because of rising interest rates. My balance more than doubled in the last 6 years of Obama's
term.
TeamPooka
(24,259 posts)spanone
(135,886 posts)Blue_true
(31,261 posts)get away with claiming that they are better for the economy. Democrats have been far better since around 1902. Modern democrats going back to FDR, have done even better than the average for democrats.