Some of the experts and academics out there lament the disaster that has befallen retirees and those near retirement. The crisis of 2020 has destroyed retirement assets, retirees will fall into poverty.
Not if you were prudent with your investments, allocated assets appropriately for your age and stayed the course during market gyrations.
My 401k is at an all time high as of June 5, 2020. It has retuned 2.84% year to date (there have been no contributions in over ten years). Two stocks I own have continued to pay dividends. My municipal bond mutual funds have continued to pay tax-free interest each month.
If you were several years from retirement the market crash was a great investing opportunity and certainly not a signal to sell investments.
The economic crisis of 2020 is temporary. It may take many months, perhaps a few years to fully recover, but it’s temporary nevertheless. In addition, keep in mind that even if you are retired and your investments took a hit, you are not likely to use more than 4% of those assets in any given year if you follow the widely accepted withdrawal strategy.