Retirees Concerned About Dow Drop
DENVER (CBS4)- The DOW tumbled 519 points on Wall Street on Wednesday. It’s lost more than 2,000 points in less than three weeks. Both the NASDAQ and the S&P were also down sharply.
The drop in the stock market has retirees concerned about the future of their 401K accounts.
“Today, who knows. The stock market goes up and down more than an airplane in a thunderstorm,” said retiree Michael Cawthra.
“There’s a lot of uncertainty. Our members are worried about it,” said AARP Colorado spokeswoman Angela Cortez.
Cortez believes the uncertainty in the markets could force some retirees back into the work force.
“A number of our members have said, ‘I’m going to have to continue to work. I’m going to have to put my retirement off a little bit longer,” said Cortez.
AARP advises retirees to keep their money in their accounts, ride the storm and hold on for what may be a bumpy ride.