The stock market can't sit still. Why you should

The stock market can't sit still. Why you should  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, JUN 17, 2020 YOUR WEALTH Editor's Note I had an uncomfortable conversation with a friend last week. While he admitted he didn't want to tell me, it slipped out and he said he was so nervous about market risks that he could no longer watch as his portfolio continue to take huge hits. So, he sold a majority of stocks (at a big loss) in March and April. He wants to retire in a year or two year and said he couldn't handle waiting for a possible rebound. My heart sank and he knew he was about to get a lecture from me. While I believed my friend made a terrible (yet difficult) financial decision, I understood how frightened he and millions of Americans are as they get closer to retirement. The current climate is very scary, but you do have some options. So, here comes the lecture. As I reminded my buddy, during the 2008 financial crisis, investors who stuck it out and kept adding to their nest eggs and invested automatically through those years did great because of the market's amazing recovery. As for this current gut-wrenching environment, there are some other things to consider versus selling everything. One of the first things to consider is how much you have saved and if you feel ready to retire. If you feel like you are truly behind in your savings, it makes sense to postpone that retirement party by a few years. By doing this you can keep some form of income and add to your savings. It also makes sense to postpone collecting social security benefits. Financial advisors that I speak with recommend that individuals who are approaching retirement gradually reduce their exposure to riskier assets. The plan is to increase exposure to more conservative investments. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA The stock market can't sit still. Why you should If the pandemic has taught investors anything it's that they can't predict what's going to happen next to their portfolio. Their best bet is to hope that what's been true over the last century hasn't changed: over the long-term, stocks go up in value. Additional stimulus legislation may be coming. Here's what could be in it Treasury Secretary Steve Mnuchin weighed in this week on what would be on his wish list for additional aid to the ailing U.S. economy. Here's what that could mean for the chances for extra unemployment benefits or stimulus checks. Trump vs. Biden: Americans split on who's better for their wallets, survey finds If voters had to choose the next president based solely on personal finances, it could be a very close race. Many Americans are still hurting from the last recession and many don't expect their money situations to improve by November. Tax Day is about a month away. Are you ready? Whether you're rebuilding your cash cushion or you're squirreling away a few dollars for a summer getaway, make sure you claim your 2019 tax refund from the IRS. Federal income tax returns are due July 15. Americans appear ready to shop again Dining out is among the first things consumers want to spend money as social distancing guidelines are lifted. A 'Medigap' policy picks up some costs that Medicare won't. Here are tips for choosing one Medigap policies are standardized regardless of which insurance company sells them and where you live, yet there can be a big variation in premiums from insurer to insurer. Here's how some of that pricing works and other tips for navigating your options. 68% of parents are worried about paying for college amid Covid-19 To bridge the growing gap between income and tuition expenses, student loan balances will also likely rise as more families must borrow money to cover college costs. 5 jobs with six-figure salaries that let you work from home Like working from home? Here are 5 remote gigs that pay six figures. From dorm living to classes, here's how college will be different this fall Amid the uncertainty of what college will look like this fall, one thing is for sure — it won't be the typical experience for students. These are the 2020 CNBC Disruptor 50 companies CNBC reveals the 2020 Disruptor 50 list, identifying start-ups on the cutting edge of huge consumer, technology and business shifts — and already worth billions. Feelings drive short-term prices "I had an interesting conversation with a friend this morning about the stocks he holds, and the roller coaster ride they've been on over the last few weeks..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS