Stock market plunges fuels fears over retirement funds
If there’s one thing on many minds, it’s the stock market.
The country’s current financial state has many people keeping a very close eye on their investments – specifically their 401-K. Lori Stova is concerned that she’s losing more money than she can afford.
“If the Dow keeps dropping the way it is, how much is going to be left for retirement?” she asked. “Your funds will be wiped out if you are invested high.”
Financial advisor Pete Muckerman has been more than busy dealing with worried clients. He says that while the damage is done, the market should rebound once confidence is restored.
“if you’re really, really aggressive in terms of your portfolio then you should definitely review it,” he said. “But if you have a conservative portfolio then my sense is that you are probably okay.”
While many are still worried, some are choosing to be still.
“I think because it's a longer term investment, it’s not something I'm looking to make money (off of) or be able to take out from my 401k in the next few years,” said Shelley Pursell.