>> 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.
>> 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 Pensions for private sector workers in the US largely have been replaced by 401k accounts and other private saving plans.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.
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.
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