The market drops could clue investors in to how comfortable they actually are with risk in their portfolios.
The coronavirus has reached a handful of countries across the globe, including the U.S. — and now, it’s touched retirement plans too.
As always, many financial advisers are telling investors to remain calm. Market volatility is normal and expected, especially for long-term goals like retirement.
The Dow dropped 800 points, or a 3.05% decrease and the fourth biggest single-day drop in history, on Aug. 14, 2019, but investors’ portfolios were not harmed in the long run, said Andrew Westlin, a financial planner at online advisory firm Betterment. Those who bought shares on Jan. 2, 2019 and held on to them were up 24% at the end of the year . Those who sold out of the market entirely on Aug. 14 lost out on 12% of gains.
There’s one other time when a person may want to consult a financial professional about their portfolios amid market volatility: when they’re nearing retirement. These investors have less time for their portfolios to recover, and if they’re too heavily invested in equities, they could curtail their future assets. Studies have shown some baby boomers are investing much more in risk than they should.
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