First the good news: As you know, the stock market has surged for more than a decade. Since the recession low of March 9, 2009, the S&P 500 SPX, +0.36% has rocketed from a devilish 666 to over 3,000 today. That’s a gain of 350% in 10 years. Talk about building wealth.
And it’s not like older Americans had a little bit saved a decade ago and made some gains — maybe a few hundred or a few thousand dollars — over the past 10 years, but not enough to make much of a difference in their lives. Many have — literally — nothing. According to the U.S. Government Accountability Office , nearly half of Americans aged 55 or older have nothing set aside in a 401 or other individual account. Nothing.
“The problem now is that many years have passed, and that means less time to make up for lost ground,” says Reginald Nosegbe, chief executive officer of Valspresso, a fintech and investment strategy firm based in Reston, Va. He warns that older people trying to make up for retirement shortfalls may move into riskier assets — at a time in their lives when they’re supposed to be dialing back risk. That’s if they even have assets to invest in the first place, of course.
• Pay down your debts. If you are carrying credit card debt, pay as much as you can toward the card with the highest rate — and consider rolling it over onto a lower card if the numbers make sense. Avoid new debt like the plague.
WestWingReport Lesson learned. Buy stock to become rich!
WestWingReport Sounds like a reason more people should buy stocks and invest in their 401k
WestWingReport This is a double edge sword. encouraging retirees to get involved in risk assets when there's a high possibility that their investment accounts is their Income is crazy because they can lose a major portion of that money in a short period of time. investors investing stocks
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WestWingReport Time to work until you’re dead. Welcome and come again!
WestWingReport we're all gonna die the sky is falling oh me, oh my
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