The Impact of Market Changes on Seniors
I have heard from several clients this week for a variety of reasons, one being the recent stock market changes. Whenever we have a significant change in the market people become concerned for obvious reasons! Seniors are especially impacted as they need and rely upon their savings to often times pay for medical care and other expenses. However, most seniors have a more conservative portfolio which is often times shielded a bit from such variability.
In reading all the research, watching the analysts, and speaking with knowledgeable financial advisors the consensus is that although we are seeing significant market changes, there is nothing fundamentally wrong.
The market sometimes, periodically just needs to sell off, adjust, and begin to climb again. So far we have no clear signs of a recession!
So, that being said, 10% corrections happen every 12-16 months and it is very normal for them to occur. We have not had a correction, until now, since February of 2016, so no need to panic!
Here is hoping that we end our week on a more stable note, however if the market is still showing signs of adjustment in the next few days, try to remain Calm and realize that this is a process and that things will level out soon. Stress and worry is not good for anyone's health. Worry does nothing to help any situation and often clouds our judgement. When we dismiss fear and worry we can look at situations with clarity and move forward in productive way...
If you feel the need to speak with an expert in the financial planning industry feel free to message me via my contact page for a list of trusted financial planners. I am happy to help and perhaps put your mind a bit at ease!