ROCHESTER, N.Y. – As new tariffs sent shock waves through the stock market, Chief Investigator Berkeley Brean talks to financial expert George Conboy about how much people’s retirement funds have dropped since February 1.
News10NBC asked people to look at their 401(k) going back to February 1. About 40% said they’ve lost between $10,000 and $50,000. Several told Brean they lost more than $50,000 while others said they’re too afraid to look.
Brean checked in with George Conboy at Brighton Securities who reminds us that every circumstance and account is different and account holders are at different stages of their life. But he says the drops have a financial and psychological impact.
Berkeley Brean, News10NBC: “How much do you think people’s 401k’s have gone down since February first?”
George Conboy, Brighton Securities: “Since Feb 1, on average it’s probably somewhere between seven and 10 percent Berkeley depending on composition of an individual account. But on every single one of them it’s enough for people to take notice.”
The impact varies depending on everyone’s circumstance. Conboy says for someone young, this is a bump in the road and if you’re 20, 30 or 40, you can expect this to happen at least a handful of more times before you retire. If you’re 50, probably still okay. But if you’re close to 60 or over, those are the people who are most concerned and reasonably so.
Berkeley Brean: “I wonder if you’re able to calculate that a loss of a certain amount of money equals six more months of work.”
George Conboy: “I think it’s a case more not that losing a dollar or losing a thousand dollars means you work an extra day or month or year. I think it’s more a case of what kind of question mark does the loss of value in your retirement plan mean for what you will do a week from now, a year from now or five years from now.”
Every time News10NBC talks with Conboy, he cautions people to be patient. His example today is the last big drop at the start of COVID, down 30% when the market was at 29,000. Today the market is at 40,000. So despite the losses now, people who stayed in are still ahead.
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