Couple faces retirement fears amid market swings: “We don’t have do-over time”

Dinner at the Gomez home outside Boston paints a vivid picture of the sandwich generation, with three generations living together under one roof. Alicia Gomez, 57, describes their family dynamic as akin to a club sandwich, with many layers to navigate.

In a recent interview with CBS News, Alicia and her 59-year-old husband, Chu, shared their concerns about saving for retirement. Their nest egg was healthy and growing until the stock market took a hit due to the trade war. The rollercoaster of market fluctuations has left them feeling uncertain about their future retirement plans.

Labor economist Teresa Ghilarducci from the New School for Social Research warns against making hasty financial decisions during times of market volatility. Seeking expert advice is crucial in navigating through these uncertain times.

Alicia, who juggles two jobs, had initially considered scaling back her work at 62, while Chu, who works in logistics, had planned to retire at 65. However, they have adjusted their retirement timeline in light of recent market fluctuations.

Currently, the couple is maximizing their retirement accounts, but they are prepared to make adjustments if necessary. The fear of Social Security running dry adds to their anxiety, as more people are opting to claim retirement benefits early despite reduced payouts.

Ghilarducci advises against taking early retirement benefits and suggests waiting for the maximum benefit possible. The Gomezes have seen a 3% increase in their retirement investments this year and plan to stay the course while working hard to secure their jobs.

As Alicia wisely puts it, there are no do-overs when it comes to retirement planning. The uncertainty of the market makes it essential to stay informed and make sound financial decisions for the future.

Jill Schlesinger, a CFP® and Emmy-nominated business analyst for CBS News, shares insightful commentary on the economy, markets, and investing. Her expertise provides valuable guidance for individuals navigating the complexities of retirement planning in today’s ever-changing financial landscape.