Retirees urged to remain calm
- 7th October 2008
CONCERNED retirees and those facing retirement should remain calm about their financial situation, a leading seniors group says.
The plunging share market, which closed Monday at a three-year low, had caused many retirees to worry about their future, National Seniors said.
"For older Australians, those in retirement or...close to retirement, it's very much back to the basics," Chief Executive Michael O'Neill told the Nine Network on Tuesday.
It was difficult to predict the specific cost of the financial fallout for older Australians, he said.
"But (it is) certainly enough for people to put their retirement plans on hold at the moment."
Some had been forced to return to the workforce, despite carefully planning and structuring their retirement.
"What they've now been impacted by, because of this downturn, has caused them to go back (to work)...part-time or casually, or in some cases full time," he said.
The main message for retirees and those approaching retirement is to take "a deep breath at the moment".
"The waters are swirling everywhere. Just stay calm, I think, is the important message at the moment," he said.
- © AAP
