Last week on WGN you said that ‘seniors might want to enter sleeper mode during this market period,’ what do you mean? Thank you Terry.
Terry Says: No, I didn’t say that, but I did say that seniors might want to “sell down to the sleeping point” — which is an old Wall Street way of saying that if your investments are keeping you awake at night, you might want to sell some of them. I know that seniors face required minimum withdrawals, and might be forced to sell stocks at a loss –if they don’t have enough “liquidity” — ie, cash in a money market inside retirement accounts to fund those withdrawals. Give the recent market action, it might be better to be safe than sorry.