by: Jim Bradley Updated:
CHARLOTTE, N.C. - Two weeks of turbulence has sent the stock market to its lowest level since May. That's making some people nervous.
"It hurts, particularly somebody like me approaching retirement," said Terrell Maroney.
Maroney and his wife were walking in uptown Charlotte on Wednesday near the stock ticker winding its way around the Wells Fargo building on College Street. They said they've been paying closer attention as stocks have plummeted.
In the last two weeks the Standard & Poor's 500 index, which mirrors the ups and downs in many retirement accounts, has dropped 3.5 percent. In a 401(k) account worth $250,000 that's a loss of more than $8,000. Financial planner Kelly Graves says the losses may not be over.
"I think we're due to get a little bit worse here and have some volatility from here to the end of the year, "Graves said.
While the last two weeks have been costly for people saving for retirement, experts insist the stock market's move toward a correction is actually a good thing.
Daniele Donahoe, investment manager at Rinehart Wealth Management in Charlotte said, “From an investment perspective it actually makes me feel better to see those small corrections versus waiting for the impending larger correction that could happen.”
Kelly Graves uses this analogy: "It's like going on a long car ride. You need to stop every three to four hours, get out, stretch your legs, regroup. You lose a little time but then you're healthier and better off for the second leg of the trip."
Even Graves admits that recent market losses are difficult medicine for most people to take. Just ask Delores Maroney.
“We're looking at how much money we're going to have to live on. So, it's a concern,” she said.
Financial experts that Channel 9 spoke with said they're advising clients to stay the course through the current correction. They believe the stock market will finish the year up, despite the current drop.
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