For those with investments, the recent downturn of the stock market has been hard to watch.
According to the Associated Press, the S&P 500 is down 17 percent from January, when it hit an all-time high. Paired with the highest levels of inflation in 50 years, it’s understandable that retirees have concerns. While 2020 and 2021 saw seniors retiring in record numbers, this year, some seniors are choosing to hold off.
While this volatility is concerning in the short-term, long-term investments will still hold their value. Retirees should talk to financial advisors about moving money into lower-risk investments, such as mutual funds, to weather the storm.
When will this stock market slump end? A recent Forbes article offers some hope: the downturn won’t necessarily lead to a recession, which means the economy can recover relatively quickly.
So be careful about spending on big-ticket items, and talk with a professional about your options in the meantime.
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