After an unexpectedly low jobs report the stock market dropped more than 2% on Friday.
Added in with the losses from the rest of the month of May, put the S&P 500 down 9.1% for the month. Nearly all of the gains in the S&P 500 from the rest of the year have been wiped out — the index is only up 1.63% YTD.
If you’re nearing retirement, you just took a significant hit to your portfolio and should adjust accordingly.
However, for those with many years left to retirement the idea of the stock market going down should be soon as a good thing because the same amount of investment will buy more shares at lower prices than they would have at the beginning of May.