How to protect retirement savings as stocks plunge on coronavirus fears

[Yo_Mama_Been_Loggin]

Fears over how the coronavirus, the respiratory illness spreading worldwide, are walloping stocks in ways retirement savers haven’t seen in years.

COVID-19, short for coronavirus disease 2019, so far is responsible for nearly 84,000 cases and almost 3,000 deaths worldwide, with more than 50 countries including the U.S. reporting isolated cases. As a result, the Dow Jones Industrial Index (DJIA) and the Standard & Poor’s 500 (GSCP) has plunged.

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Here are some tips from experts for various kinds of regular investors thinking about their retirement accounts:

Young investors: ‘A good buying opportunity’

If you’re young and retirement is many decades ahead of you, increase your contributions to your IRA or 401(k) during this sell-off, experts recommend. You’re essentially buying stocks at a major discount following this week’s rout.

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Those near retirement: Get ‘conservative’

The strategy is different for those investors who are nearing retirement, Panko said. If anything, the recent market volatility could serve as a good, allocation lesson. If a near-retiree is overweight in stocks, then a stinging market loss may prompt them to finally rebalance their portfolio in a more conservative way.

https://money.yahoo.com/coronavirus-retirement-savings-what-to-do-171430757.html

Of course that assumes you have been stung already.

[mopinko]

1. i talked to my broker the other day.

we are picking a target list of 10 blue chips stocks that we expect to get clobbered.
and we are setting a target of 20% of this year's high as the buy signal.
it's our black swan plan.
we also set a high sell target for some stocks that i think will do really well.

most of the rest of my holdings should be okay.

[mitch96]

2. Baron Rothchild said "The time to buy is when there is blood in the streets"

If you have cash, now is the time to buy quality stocks me thinks...
m

[mopinko]

4. it's all in the mindset. you can tell people to buy low and sell high, but

it seems some people cant think that way.

my ex was actually in the business, and he couldnt get his head in that space no matter what.

i'm mostly a nice person. but back me into a corner, and you will come out bleeding.
that's what surviving taught me.

[central scrutinizer]

3. I took 75% of my money out of the market

A while back and put it into a fixed, 2.2% return IRA. That plus social security and my pension (thank you, union) are sufficient. So I missed some of the recent run up but I also missed the correction. I don’t like stress.