401k's are taking more than a hit, they have nosedived.
While the president insists the economy will recover in the long term, many people are being forced to change their short term plans right now.
"It's been a roller coaster up and down, up and down," said Richard Cohn.
"we're in a quandary what to do. Feel very helpless about it," said retiree Bob Anelli
Folks who dine at Concord's Sugar Plum Coffee shop have plenty to chew on these days, and we're not talking about the food.
A popular spot for retirees, the Sugar Plum has become the place where folks can let off steam about the sinking economy and their shrinking 401k's.
"It's taken about a 20 percent reduction in the past three months. I feel like some people ought to go to jail,” said Cohn.
Seniors say their retirement accounts have taken huge hits.
Retiree Doug Dray says he's looking to get back to work to take care of basic expenses.
"I’m just looking for temporary or part time jobs. I hope something will come up soon,” said Dray.
Steve Anderson planned to retire soon. But that's now on hold.
"With everything the way it's going, it's going to be awhile yet,” Anderson said.
Though retirement plans have lost as much as two trillion dollars in the past 15 months, financial planners say seniors shouldn't panic just yet.
"This is not necessarily indicating the end of the world has arrived. I am anticipating the markets will turn around,” said financial planner Larry Grossman.
The question is when.
"I don't think i've got that many years left,” Anelli said.
Retirees say they hope things bounce back quickly.
Most don't have the time or the stomachs to endure much more.
"All I can do is think about who I am going to vote for,” Anelli said.
So what should you do to keep that nest egg from cracking even more?
Financial consultants say there are steps we can be taking now to protect our 401ks.
Don't withdraw money out of fear.
You could be penalized for pulling money from your 401k early, and deprive yourself of money when the market rebounds.
And, diversify.
You've heard it before, but many workers hold too much of their own company's stock, and have no cushion if it sinks.
And be aware.
A 2008 law allows employers to provide investment advice to workers with company savings plans.
Your plan administrator may have age-appropriate advice you can use.
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