Be Patient: Sound advice for those panicking due to stock market mayhem
August 9, 2011 at 1:02 AM EST - Updated June 25 at 12:36 AM
By the closing bell Monday, it was the worst day on Wall Street since 2008.
So what exactly does this means to you?
When you look at the past five days on the market it's very scary. And for those thinking about retiring soon, we'll lets just say it looked better about a year ago.
Congresswoman Marcia Fudge and the Congressional Black Caucus held a town hall meeting on the campus of CSU.
And while the topic was jobs and the economy some in the audience can't help but wonder what the tumble of stocks is doing to their chances of retiring.
Sarah Sherrod is an interesting case. She was a county employee for 27 years. Took an early buyout in 2010 and says she's glad she did.
"Some people may never be able to retire, at the rate things are going. Because there's no kind of safety net, things seem to be falling apart," said Sarah Sherrod.
But then there are people like Lavell Dabny, a small business owner in Cleveland.
"Will guys our age ever be able to retire? Hahaha, We'll see, that's what I'm saying it's all in question," said Lavell Dabney.
We also spoke with Notre Dame College Professor Steve Hotchkiss, with more than 40 years of financial experience.
He paints a pretty clear picture about who should be worried when it comes to retirement money right now.
"People should panic if they are very old, and are totally dependant on their 401 K or savings. The people who are younger have time to ride this out and they should just hang out and be patient," said Steve Hotchkiss.