I’m retired. My retirement money, aka my “nest egg,” is invested in several Individual Retirement Accounts (IRAs) and 401(k) plans. And my IRA and 401(k) funds are invested in the stock market. So I have to admit that when I look at the chart shown above and see my retirement savings slip slidin’ away, I am, well, concerned.
The Dow industrials tumbled 1,190.95 points today, or 4.4%, to 25,766.64. This brings the Dow’s slide this week to more than 3,200 points. So far this month, the market has slid 13% from a February all-time high of 29,568.
I am not a financial guru, and I am not sure what exactly a 3,200 point drop in the Dow industrials means. But I do know that since the beginning of this month, my “portfolio” is down about 7%. And when it comes to my retirement nest egg, “down” is not a word I want to hear.
Why is this happening? Why is the stock market plunging at a record pace? Well, this latest slide began on Friday, after news that the coronavirus was beginning to spread outside of China. By Wednesday, the disease had spread to Japan, South Korea, Italy, Iran, the United States, and numerous other countries.
Then late on Wednesday, Trump held a news conference and failed to reassure investors that his administration was taking steps to contain the virus.
And today’s drop, the largest single day drop ever in the Dow, is probably a testament to the confidence the markets and the public have in Trump’s new coronavirus czar.
This, That, and the Other 
A lot of people are concerned about their finances these days!
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Don’t worry; we’re in the same position. Just hang on. This too shall pass.
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I certainly hope so. I’d hate to have to acquire a taste for cat food.
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…and if that were to happen, your cat would probably be equally distraught, not eager to share.
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It seems curious to me that the markets waited so long to adjust, then did so so suddenly. The writing has been on the wall for quite a while now.
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I know. They’re now referring to this dive as “a market correction.”
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It probably is more that. Things have been on the rich side without any particular reason for a while.
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WE are also predominantly invested in stocks and a lot of them are US blue chip companies. Stock markets historically have always moved on market sentiment. Lets hope this all turns out to be a tempest in a teapot or we may not need to worry about our pensions.
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I hope this is a temporary blip, but our President and his administration seem to be making it worse.
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🤐
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The US has the best people available to handle this problem, if only Trump would stop cutting the budget.
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Or enlist them to contribute to a solution, rather than tapping political cronies and sycophants who are clueless.
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All the financial peeps have been saying the market would “correct,” so I expected it, but it’s still not fun to experience.
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Time to cash out and stuff my money in a mattress?
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Well not NOW! Christmas would have been the time 🤣🤣🤣
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I’m no financial whizz and have no port folio (read no spare money). I’m an under training wrinkly, so although ‘retired’ not eligible for a State Pension until 2022, so whatever savings we had, had to last us 15 years instead of 9 since our caring government moved the retirement age to 66 instead of 60. I can’t offer you any comfort or words of wisdom Fandango, but for those who do have their funds tied up in stocks and shares, I recall from my banking days that the markets did recover, it was just a matter of time. I hope your losses, if any, turn out to be minimal.
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“I hope your losses, if any, turn out to be minimal.” Thanks. Me too!
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This post is sobering to read. My alleged ‘nest egg’ consists of my house. In the past I had tried to work with investing some money I got and I got a broker who turned out to be sleazy and made me so nervous I ended up pulling all the remaining funds out early, thus losing even more of my money. I’ve never trusted such people ever again. Instead, when I got the money I had for my retirement, I put it into coins, which have disappeared now, but slowed the hemorrhage of funds a little bit. These days I budget. Stringently. And I’m really sorry to read that those I considered smarter and wiser than me – those who could work with an investment plan – are in much the same boat as I am. That’s damned scary!
As to the coronavirus thingie…maybe someone will contract it and give that big pile of orange ‘doo a fat wet kiss on the lips (with tongue) and give HIM the virus. Perhaps it will kill him. We can but hope….
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The market was down again today. It…and I…are taking a beating. 😡
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In fact, other countries should take China to ICJ for spreading the disease to the rest of the world. A criminal case against the Chinese leadership should be initiated for hiding the disease, blocking the whistleblowers, and letting Chinese people spread the disease in Europe while holidaying during the Chinese New Year holidays.
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I hope that’s tongue in cheek! 😮 I certainly don’t lay blame at China’s door for ‘spreading the virus’. Any more than I blamed the middle East, the Caribbean, or any other country that ever had a wide-spread illness that was devastating (cholera, Avian flu, SARS…) That’s just little box thinking in my opinion.
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Melanie, you are, I am sure a very simple, and naive person. Here we are dealing with a weaponized virus, developed in a lab, for the purpose of biological warfare. It is not a natural disease.
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Try to look on the bright side, Fandango. If the stock market slide continues, and the economy tanks, there’s a really good chance that Trump won’t get re-elected!
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Yeah, that’s a bit of a consolation.
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We’re in the same boat. At least we’re no longer putting 20% of our paycheck into the damn stock market like we were when we were working .
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Definitely a legitimate concern that lacks any simple solutions.
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In fact, other countries should take China to ICJ for spreading the disease to the rest of the world. A criminal case against the Chinese leadership should be initiated for hiding the disease, blocking the whistleblowers, and letting Chinese people spread the disease in Europe while holidaying during the Chinese New Year holidays.
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