Kiplinger has an article in Yahoo! about what retirees should do now, that the stock market is in correction and could get worse.
The problem is, us retirees often depend on accumulated (sometimes inherited) wealth to support us without working for someone else, or having to work about being cheesy in selling people things.
But what supports you in the stock market is the expectation that the assets you have can make money around the world, and they’re easily disrupted by forces you have no direct control over.
Most portfolios have some oil, which obviously goes down. Most portfolios do business with China, which has the karma problem of maintaining growth while abating pollution, becoming answerable to human rights problems (post-Communism) and most of all exploiting workers living in dorms.
So we retirees become the “Guilty Remnant”. Think of that the next time a telemarketer calls and you don’t want to talk to him at all. He or she has to make a living.