Just got an email from my financial planner telling me not to panic. Oh good, that's a relief!

[Siwsan]

[intrepidity]

1. Did he put all your money in TP? nt

[Siwsan]

3. I'll have to ask her.

[AllaN01Bear]

2. good on him.

[Siwsan]

5. I get the 'the market ebbs and flows' every time I meet with her!

I'm not in anything 'high risk/high return'. She pretty much knows what I'm comfortable with, too. Up until now I was doing great.

This is the very scenario I cited, to her, when she suggested I also invest most of my 'nest egg' that I started when I was about 10. I not only told her no. I told her hell no. I need my insured safety net.

[Mossfern]

4. My son is a financial planner

He's been getting frantic phone calls. Last time I spoke with him he was composing an email to send to all his clients.
People are seeing their retirement funds circling the drain.

[Siwsan]

8. It's a good idea for them to touch base, that's for sure

For people who were planning on retiring soon - this is devastating. For those who still have time to rebuild, it's terrifying.

[renate]

16. My neighbor was planning to retire next month

This must be like 2008 on steroids to him--worse, because he at least kept his job in 2008 while everything went to hell.

[Siwsan]

19. That's awful!

All we can do, now, is wait and hope.

[madville]

9. This happens every 8-12 years (1987, 1999/2000, 2008/2009, and now 2020.

No need to panic unless you needed the money right his minute today and had to sell for a loss. I've been buying all sorts of stuff for cheap this last week, great bargains all over the market.

[jeffreyi]

18. Good.

Wish I had a bit of spare change right now..

[SoCalNative]

6. Is his name Carl?

[Siwsan]

10. ??

And funny how everyone assumes my financial planner is male.

[SoCalNative]

21. Have you not seen any of the Schwab commercials

with a broker from another firm named Carl who is clearly an arrogant asshat?

https://www.ispot.tv/ad/Ic4W/charles-schwab-talking-to-carl

[Siwsan]

22. Ohhhhh

I generally hit the mute button during commercials but I do think I've heard that one.

[Siwsan]

11. True

I have a nest egg to supplement my SS. Glad I decided to keep that account in the bank.

[exboyfil]

12. Financial planning

Supposed to keep a mix of stock and bond funds. S&P500 is off 30-35%. Fidelity Total Market Bond Fund is off 7% from its high and 3% from the beginning of the year.

No asset class is safe. I hit the door with a 6% loss, but market timing is no plan to plan for retirement.

I hold individual bonds (TIPS) as my only non-money market investment. I have been kicking the tires on them again.

Gold. It is off $200, but I have never liked the idea of gold.

I guess I will paw through sector funds. It seems saving is basically for suckers when you get a negative return when compared to inflation. I don't know jack about investing, and, frankly, I don't really have any interest in learning anymore.

[Siwsan]

20. That's pretty much what she's done, for me

I told her, at the outset, that I didn't want anything 'high risk'.

Fortunately, I have another financial resource to supplement my SS. No way on earth was I going to invest everything.

My master plan is, if possible, just let things grow and then I'll have something to leave to my niece and nephews. I might have to hang around this planet longer than I'd hoped, waiting for things to turn around and build up, again.

[nilram]

13. I hate it when it's my doctor calling with test results

rather than the medical assistant.

[frazzled]

14. Ours did that a week and a half ago

Hard not to panic a bit when you’re over 65. But we just ignore it. Haven’t even looked. It is what is is.

[Siwsan]

17. That's my attitude

I have a savings 'nest egg' that I use to supplement my SS. And I live a very, very simple and low maintenance lifestyle.

[gibraltar72]

15. Had a securities license for many years

It doesn't just disappear in to thin air. It disappears from your account and into someone else's.

[CountAllVotes]

24. Definitely so

Every hand that touches it keeps a piece of it hoping you'll never notice!

[Generic Brad]

23. Mine too and I'm not panicked

I figured Trump would blow up the economy, so the past three years I saved like mad accumulated 5 year CD's locked into a 3% interest rate and 5 year annuities with guaranteed minimum returns. And as things tumble even further, I have CDs coming due that I will combine with my savings and go on a stock buying spree when I think the market shows signs of bottoming out. (Spoiler alert - we're not even close to the bottom). Then as the country recovers modestly by the time I retire, I will cash out the stocks and put the profit in something safe and insured.

I have already lost 1/3 of the value of my 401k over the past month and know I will not recover it fully by the time I retire. But I expect to more than make up for it by waiting things out a bit further and make a bold move with savings I have held in reserve.

In 1987 I didn't have two dimes to rub together so I was unaffected. When 9/11 hit I had cashed out of my previous 401k the week before and turned the physical check over to the new plan on the very day everything bottomed out. In January 2008 I moved my entire portfolio to bonds because I thought Bush's policies would destroy the economy and I avoided massive losses. I have been beyond lucky to date. Today things may look bad, but if my luck continues I expect I will come out of this financially stronger than when I went in.