CHICAGO (Reuters) – The breathtaking coronavirus-induced plunge of the stock market has unnerved retirement investors of all ages, but it poses special risks for people close to, or already retired. Unlike younger workers with many years ahead of earning and saving, older investors are less able to fall back on income from work and may have less ability to wait out their losses.
FILE PHOTO: A test tube labelled with the coronavirus is seen in front of U.S. dollar banknotes, in this illustration taken on March 1, 2020. REUTERS/Dado Ruvic/File Photo
How should older investors think about their portfolios now? In one sense, this is the wrong question. A much bigger concern is uncertainty about the resilience of the economy as major sectors grind to a halt as we fight the virus. Still, here are some big-picture thoughts about portfolios from the experts, and some tactical moves to consider.
First, think of the big picture, said Allan Roth, a CFP and head of Wealth Logic in Colorado…