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U.S. retirees try to keep cool as stocks tumble
BOSTON (Reuters) - Nancy Farrington, a retiree who turns 75 next month, admits to being in a constant state of anxiety over the biggest December stock market rout since Herbert Hoover was president."I have not looked at my numbers. I’m afraid to do it," said Farrington, who recently moved to Charleston, South Carolina, from Boston. "We’ve been conditioned to stand pat and not panic. I sure hope my advisers are doing the same." Retirees are worrying about their nest eggs as this month’s sell-off rounds out the worst year for stocks in a decade, and some fear they are headed for a day of reckoning like the 2008 market meltdown or dot-com crash of the early 2000s. Retirees have less time to recover from bad investment moves than younger workers. If they or their advisers panic and sell during a brief downturn, they may lock in a more meager retirement. But their portfolio could be even more at risk if they hold on too long in a prolonged decline. "I have no way of riding it out if that happens," said Farrington. "I can feel the anxiety in my stomach all the time." Related: Hot Air - A Stunner, National Debt Interest Will Soon Exceed National Defense Spending Posted by: Besoeker 2018-12-29 |
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