INDIANAPOLIS — The economy remains a pressing concern for many Americans, especially as significant drops in retirement accounts have become commonplace. Financial planners warn that now may not be the best time to consider retirement.
Tim McNally, an 81-year-old Vietnam veteran, is among those feeling the impact.
"My retirement accounts have drastically shrunk by 30 percent," he said. "The issues there are if they don't recover then I'm too old to go back to work and it could just be very uncomfortable."
McNally, who utilizes his retirement savings for major purchases, expressed worry for his friends who do not share his financial stability.
"So it's all basically disposable income for me, but I see my friends that are not in the same position, so it's tough."
Peter Dunn a financial expert, echoed McNally's concerns.
"The better hope those aren't the conditions because that will be very difficult to retire within one to one and a half years. I am a little bit nervous for those folks right now," he advised.
However, not all financial news is discouraging. Dunn the CEO of Your Money Line, sees potential for savvy investors in the current market climate.
"There is a lot of really good companies, a lot of good investments out there, and they are all on sale right now," Dunn noted. "So if you have the money to put towards those things, it's a great time to do it."
With major swings in the stock market causing widespread anxiety, millions are now reassessing their retirement savings. Pete the Planner recommends that anyone nearing retirement should consult with their financial advisor. He also cautioned against overreacting to current market conditions.
