The U.S. stock market plunged to its worst day in more than three decades as voices from Wall Street to the White House said the coronavirus may be dragging the economy into a recession.
Monday’s 12% drop for the S&P 500 means it has plummeted nearly 30% since setting a record less than a month ago, and it’s at its lowest point since the end of 2018. Losses were steep Monday, accelerating in the last half hour of trading after President Donald Trump said the economy may be headed for a recession and asked Americans to avoid gatherings of more than 10 people.
For those who are retired or planning for retirement, this can be a scary time. After eleven years of bull market, financial straits now look uncertain and market volatility is making it more difficult to plan ahead. We gather a roundtable of financial planners to discuss best practices and answer your questions.
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With files from the Associated Press.
Delia Fernandez, fee-only certified financial planner and investment advisor with Fernandez Financial Advisory, LLC in Los Alamitos
Matthew Murawski, a fee-only fiduciary financial planner at Encino-based Goodstein Wealth Management