Retired? Here's How to Avoid Getting Hurt by a Stock Market Crash
Stock market crashes happen all the time, and often, they're quite forgettable, with investment values recovering quickly after the fact. But sometimes, a stock market crash can have long-lasting effects, and if you're retired, a major downturn could wreak havoc on your finances.
The good news? A few moves on your part could help you avoid getting hurt the next time the market tanks. Here are a few to focus on.
It's not just working folks who need money in savings for a rainy day. As a retiree, you should also have a bank account that you can access in a pinch, and whose value won't hinge on how the stock market is performing. Ideally, that emergency fund should have enough money to cover six months' worth of living expenses or more. That way, if the market crashes, you'll have the option to leave your investments alone for a period of time while you wait for their value to come back up.
Source Fool.com
