Excellent article by Brian Chang, CFA, CFP® in Rethinking65, founded by Dorothy Hinchcliff formerly of Financial Advisor Magazine.
https://lnkd.in/ePkHDKXE
This clearly illustrates that being in cash – where most seniors still have the bulk of their savings – destroys personal wealth even as it makes seniors feel good about their wisdom in avoiding the stock market in days that the market goes down.
It’s a mindset that’s difficult to change but those who love our parents and grandparents should try harder to take them to a #financialadvisor because advisors recognize that managing their clients’ emotions is as important as managing their portfolios. The second best choice for exasperated children and grandchildren, try guiding them yourselves through the YouTube and the internet themselves in order to make them realize how much purchasing power they lose by staying in cash when Social Security COLAs are above 10%. The freezer is NOT the best place to store cold cash!