RICHMOND, VA (WWBT) - When the stock market has a bad day, your 401k investment has a bad day too - but no big deal, you just hope for a better day tomorrow. But when the markets have a really bad day with the Dow Jones plummeting 520 points, you're 401k stands to lose substantial money.
Just ask the folks who work for the big companies in downtown Richmond.
"I don't mean to be pessimistic but it doesn't seem like it's going to get better soon," said Kevin Litlle.
"Right now there is a little bit of panic but eventually things are going to settle out and it's going to rise back up," said Robert Baird.
Not all 401k plans are the same. Some invest more than others, hoping to collect bigger returns later, but now some folks are reconsidering their investment because the risks are too high right now.
"I'm still kind of in a high risk program right now, I just turned 30 and I'm kind of thinking about taking it down to a lower risk just because the upswings and down swings, I should have a more conservative program I think," said Litlle.
Experts have said you should just ride it out, not make any rash decisions, and just sit on it.
"I'm not going to be retiring for another 20 years so at this point what my 401k is doing doesn't really bother me, it only goes down if you see, if you go ahead and ride it out, it'll come back," said Baird.
"I'm not going to retire for, shoot, at least probably 10 to 15 more years so, the economy is going to recover," said Chip Fye.