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COMING UP:Share Opener Variant 3

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Transcript

00:00:01
>> With all three major US stock indexes down about 10% this month, older Americans are getting anxious about their investments. Unlike younger workers, retirees do not have as much time to recover if they, or their financial advisors, make a bad move with their stock portfolios. Reuters correspondent, Tim McLaughlin.
00:00:21
>> We're on track to have our worst December since 1931, during the depression, so people are obviously rattled about whats happening in the market.>> Pensions for private sector workers in the US largely have been replaced by 401k accounts and other private saving plans.>> Before the financial crisis in 2008 people in their 60s had like 30% of their portfolio all in stocks.
00:00:48
Now that's changed since then, it's now around 19%.>> Millions of older Americans, many of whom have become financial news junkies, are making tough investing calls, that will affect their savings for years to come.>> One lady told me that she told her financial advisor do not sell her shares in Apple, there's still some of that love affair with tech stocks.
00:01:12
What they're trying to avoid, though, is any sort of volatile stocks like Tesla, I hear retirees are like okay, we're done with Tesla. Other retirees tell me that they are more comfortable investing in blue chip stocks that pay nice dividends.>> Advisors warn if retirees panic in a brief downturn and sell stock at the bottom their locking in a more meager retirement but if they hold on to long in a prolonged decline their portfolio could be even more at risk