Pandemic Financial Advice

Jun 6th, 2020 | By | Category: Senior Moments Blog

Advice From Experts

We read some more articles in the May, 2020, AARP Bulletin, finding one that is particularly helpful to seniors concerned about their investments. Jill Schlesinger interviewed eight financial experts and recorded their responses in this article, Expert Advice For Volatile Times. We summarize the article here, but encourage you go to to the original and read it carefully (just click on the link in the previous text).

Here are the summarized pieces of advice from the AARP article:

*Stocks go up and down consistently. Take the long-term, lifetime perspective.

*Don’t panic and sell your stocks. Over a lifetime, those stocks have increased in value. Many financial advisers have said, “If you keep all your money in a bank or savings account, you are going broke safely.”

*Create a financial plan with your financial adviser and stick with it. Be sure the plan is investment-balanced.

*Until we can contain the spread of the virus and increase immunity and recovery rate, the global economy will continue to suffer.

*Social Security and Medicare are among the most popular programs in the United States. Congress will make them go away at its own peril.

*Don’t put your head in the sand. Pay attention to your personal finances. A financial cushion is very reassuring.

Again, we encourage you to go to the original article and read it carefully. AARP always raises important questions and issues in the monthly AARP Bulletin. This article certainly does not disappoint.

Disclaimer: Senior Citizen Journal does not offer financial advice. SCJ merely reports on what experts in the field are saying.

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