Pay attention to your retirement savings in this economy, say local experts - KLTV.com - Tyler, Longview, Jacksonville |ETX News

TYLER (KLTV)

Pay attention to your retirement savings in this economy, say local experts

As the stock market plummets, it's pulling the value of retirement plans down with it. Nearly two trillion dollars were lost from 401ks over the fifteen months. That's a 20% hit.  

Now many of you are wondering not just about your own financial stability, but your retired parents and grandparents. KLTV 7's Layron Livingston has some advice to help you help keep your loved ones' golden years from tarnishing.

Nothing beats a good game of bridge to keep the mind sharp and off financial stresses.

"Seniors now are really frightened...at the things that could come with their pay," said Kay Odom.

Kay Odom is the supervisor at the Tyler Senior Citizen's Center.

She says over the past couple of weeks, visits from financial planners and elder attorneys have been added to the activities list.

"You want to make sure that those financial things are taken care of," said Odom.

It's something Kay has personal experience with. She says after her father died, she began caring for her mother and her finances.

"It was really difficult, because at that point, you don't really know what your parent has, or they may not have discussed it with you. You start thinking, or asking all these questions and you don't want to invade their privacy. You're wondering when you move the CDs, and you're putting annuities together," said Odom.

"We are in a scary environment," said Holloway.

James Holloway is an advisor with Texas Financial And Retirement, a company specializing in retirement planning.

He says calls are coming from clients and their children. With so much chaos on Wall Street, he says opening a financial line of communication can be very beneficial.

"Give the parent an opportunity to talk, offer to help, be supportive, and yet be solution oriented," said Holloway.

Which starts with assessing their current financial situation. Also, review their goals and portfolio to minimize financial risk.

Take corrective action if necessary - and call in the professionals.

"In these unsettling times, a review is a very appropriate thing to do, and it can be very rewarding both in terms of protecting our funds at this time and also overall peace of mind," said Holloway.

"Do it with kindness, you have to realize that you are butting into their business, but who else is going to do it. The roles change when you get older."

Which translates to rolling with the financial punches.

Layron Livingston, reporting. llivingston@kltv.com

Powered by Frankly