How Safe Is Your Money?

September 18, 2008 1:18:48 PM PDT
It's a worrisome time for everyone, especially those approaching retirement. They want at least a return "of" their money if not a return "on" their money. -----------------------------------------------------------------------------------------------
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All the turmoil on Wall Street this week has local investors on edge. Many are concerned they won't be able to retire when they want to because of falling stock prices.

"I am concerned yes."

Jacinda Potikian: "For some people it's how you look at it. Some people consider it an opportunity. Other people are scared and want to run away but they say the market is going to bound up again."

The headlines are troubling ... causing many to worry about their financial future.

Greg Steen, Financial Planner: "There's a lot of people 47, 50, 45 that are thinking they're gonna retire in ten years, 15 years. A lot of them won't be able to unless they get going."

Steen has been flooded with calls this week. Some seek a more conservative approach.

Greg Steen, Financial Planner: "They've said enough is enough. I'm gonna cut my losses and move on. At that point we want to move them into some less risky safer positions."

Like money market accounts and CD-s. Some clients ask if they should switch to a bank which rates higher on a safety scale.

Greg Steen, Financial Planner: "People are concerned about certain banks in particular that have been mentioned yes and I think their concerns are valid."

Tony Joaquin of Fresno says more patience is needed.

Tony Joaquin: "I'm looking at long-term for my investments and I'm watching them go up and down and hope they will stabilize."

Steen says the best thing people can do during these tough times is to get into the habit of saving money.

Greg Steen, Financial Planner: "In the last couple of years we've seen the savings rate in the US at all-time lows so people aren't going to be able to retire. We've seen the social security average age where people start taking it, go up."

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