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Senior Advocate and Founder of First Senior retirement Group Phil Cannella III says that time has taught us that if you’re in the stock market for 20 or 30 years, you’ll eventually come out ahead. So if you’re at the beginning of your accumulation phase, you have nothing to worry about—just ride it out because history points to a rosy future.
But, Phil Cannella says, what if you’re at the retirement phase of your life, the phase at which you’ll begin to draw on these accounts? There’s a problem.
A sizeable percentage of the investments found in the stock market belong to Americans aged 50 and older. So you might understand why the Securities and Exchange Commission (SEC) is protective over its market and why its representatives—your financial advisor—want to protect it. It’s because it’s the investor’s money that is fueling the securities industry.
“Older Americans don’t have 20 or 30 years to recover should their nest egg get cracked from a shaky stock market. They may need to tap into those accounts the very day they retire,” he said. “You don’t want to be in the market when you’re drawing down those accounts. You don’t want to be anywhere near securities or risks. If the market takes a dive, you’ll just make the problem worse,” said Phil Cannella the consumer advocate.