We knew it was going to happen. It was only a matter of time. WBKO-TV in Kentucky reports that a sour economy is causing boomers to think twice about their retirement plans.
"Our members said that it made them stop and think about when they were going to retire and whether they could afford to retire," the station quotes Nancy LeaMond of the AARP as saying. "People are very, very nervous."
Financial advisor Paul Weiner states the obvious, and says it's critical investors reduce their stock holdings for less risky investments like bonds the closer they get to retirement.
"When you think about a $2 million portfolio that drops 4 percent?" says Weiner. "That's going to be an $80,000 hit. Not a lot in percentages, but that's a lot of money."
But we can point to one possible bright spot. The message seems to getting through about the dangers of retiring in a down-market, resulting in compounded losses that require increased distributions that can take years - sometimes decades - to recover from.