For many Americans, 2020 is a year they won't soon forget. The coronavirus disease 2019 (COVID-19) pandemic has exacted a huge physical and financial toll on our country, with well over 137,000 Americans losing their lives, and more than 20 million folks losing their jobs.
It's also a year that saw unprecedented stock market volatility. In less than five weeks, the broad-based S&P 500 went on to lose 34% of its value. It was, by far, the quickest descent into bear market territory in history, and easily the fastest 30%-plus decline registered of all time.
While volatility is always present in the stock market, it's a big worry for retirees. You see, with longevity increasing steadily over many decades, most seniors can't simply sit on their nest eggs any longer and hope they don't outlive their money. In many instances, investing needs to continue well beyond a worker's retirement date to ensure they don't outlive their retirement capital.