Big drops in the stock market are taking a toll on investors both young and old. In fact, retirement and college funds…. and the people who depend on them… are suffering similar fates: many had too much money in stocks and not enough in safer investments. For retirees, it often means going back to work. For college students and their parents, it means scrambling to find money, fast.
“I think the lesson to take away from this is, if you’re in a 529 plan and your children are in high school, it’s time to start moving your money into more stable value type of investments,” says University of Wisconsin financial specialist Michael Collins.