What happens when you retire in your 30s and six figures evaporate in less than a week on coronavirus fears?
The stock market is not quite the same as it was when Robert Chase retired at 37 years old about a year ago — for starters, it is experiencing major volatility as a result of fears about coronavirus spreading across the globe.
But he’s not panicking — and neither are many of his peers, who have committed to aggressively saving and investing with a goal of financial independence, whether they are far off from retirement, nearing their retirement date or already retired, they told MarketWatch.A woman who blogs anonymously at “A Purple Life” is six months away from her retirement date, at which point she’ll be 30 years old.
A Purple Life’s portfolio is 100% in stocks, and she said it would continue to be that way for now. She is willing to analyze the situation when she gets back from her trips a year after she quits. “More bonds wouldn’t be great because stocks are on sale,” she said.“It is hard not to have your pulse go up a little bit, even though the rational side knows what to do and that this is normal,” said one blogger at “Gov Worker FI.” He plans to retire early in about five years.
FIRE proponents who have already retired have slightly different concerns, such as preserving their assets and balancing their spending. Retirees of any age entering retirement at a market downturn face “sequence of return” risk, which diminishes future gains. During a downturn, retirees may unintentionally be withdrawing from their portfolios’ principles because investment gains are minimal or nonexistent.
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