Fears over retirement plans after Dow plunge

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Time to panic? Dow Jones takes historic plunge. (Richard Drew)

The biggest one-day Dow Jones drop in history came just as President Donald Trump was in Ohio praising the strength of the American economy and jobs.

The Dow fell by more than 1,100 points Monday.

After the closing bell, one ABC11 viewer wrote on the WTVD Facebook page, "Yikes" and another said, "This is jawing dropping."

"It wasn't insignificant," added Raleigh resident Meredith Gern.



Advisers at Archer Investment Management, however, said the movement is just ebb and flow of a fluid market.

"It's that stop-start. You got to let it do its thing and it will sometimes be uncomfortable," said adviser Nina O'Neal.

"It happens all the time. It just hasn't happened in 18 months," said adviser Matt Archer. "If the Dow drops 1,500 points at the end of the day, it really doesn't change long term what's going to happen. It's not that big of a deal."

The firm said the best thing for most people is do nothing at all.

"Don't make an emotional decisions, don't make knee jerk reactions," O'Neal said.

Archer said the drop is a chance for folks getting close to retirement to review their investments.

"It's a time for you to take a look at your risk and say am 'I comfortable with it and what direction do I want to take with this?'" he said.

For younger folks, the plunge may be an opportunity to invest and diversify.

"The markets are wide and varied," O'Neal said.

Raleigh resident Brandon Yopp says the younger workforce needs to think big picture.

"We made up so much ground in the last year, this is really just a blimp on the radar and I've 30 more years to work before I retire, so I'm in for the long game," he said.

Market professionals warn that the selling could continue for a bit, but many are also quick to say they don't see a recession looming.
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