You Brexit - You Fixit.....

[global1]

Wouldn't you know just about 2 months before I was planning to retire - the bottom falls out of the stock market and wrecks havoc on my retirement funds.

Ok you Brits - you Brexit - You Fixit.

Turn this thing around.

And to think I was planning a retirement trip to London.

Now cancelled!!!!

[pampango]

1. Conservative British nationalists will not accept any blame and will double-down

with their accusations (like Trump does when he is cornered). You can expect the Conservative government to continue to blame the EU or foreigners or immigrants or liberal bureaucrats or anyone but themselves for any future problems.

Introspection and self-examination are not well-known conservative traits.

[Wellstone ruled]

2. You pretty much nailed what is and will happen in the near term.

Sorry to here you have to delay pulling the pin,but,glad to here you are about to shove it up their collective back sides.

The people who got whacked are those who are retired and have to look at taking their Required Minimum Disbursement and have to sell some equities to be in compliance. We are seeing the second largest wealth transfer in the last hundred years. Bush/Cheney/Paulson=8 Trillion,British Stupid,now at 3 Trillion and counting.

[yellowcanine]

6. People should not be having to sell equities on a 5% drop in value.

If the portfolio is no more than 50-60% equities there should be no reason to touch them.

[Wellstone ruled]

13. Sorry Guy,

For those who are recent Retirees,the answer is . Played the so called Financial Advisor Game with a well known Trading House. Yup,they will set you up with the 50-60 % mix,and then Churn the crap out of your accounts plus take their 2%. What they fail to tell you is,this is how they make the big bucks,and if they put so called Income Class A interest paying instruments into your account so you can handle the RMD,and still martian a healthy cash position. Great,until you get hit with a Lehman Brothers or some other POS that becomes a zero value instrument. Been down this road,educated ourselves and are doing darn well rebuilding our portfolios on our own. After seven years on our own and being retired for fourteen,we now know a thing or two,and number one is Wall Street is so rigged to the 1%ers and all one can do is coattail the biggees.

[yellowcanine]

15. That's your experience. Doesn't have to be that way.

It sounds as if you got some bad advice. It doesn't have to be that way. Sorry.

[Wellstone ruled]

16. Agree,withour a doubt you must have got lucky as to timing

and other calendar events. Our situation was the norm at the time. People in our age group that did not see or experience these events were either high income earners or inherited something are the Lehman crash. But,what ever,we are okay and not looking back,interesting to hear and see Smucks that tell the public,they have some scheme or program. Give you a free Dinner at such and such,oh,then I will clean out your 401 and your IRA. It's only Business.

[Gabi Hayes]

3. you didn't sell, did you? looks like everything is coming back. I hope you

still have your holdings

good luck!

this might cheer you up, if anything can. I lost over $100 K in real money, so I don't do the market in any way anymore

[Chakab]

8. I don't know how you can claim that "everything is coming back." They haven't even formally

triggered article 50 of the Lisbon Treaty to begin the real process of separation from the EU yet.

The panic in the past few days is an initial reaction to the outcome of the referendum, which was an advisory vote with no real legal implications.

When the next PM triggers article 50 and begins the exit process, the market is really going to tank.

[pampango]

10. No one knows but one can make the case that Brexit will be good for the 1% who drive the stock

market. There will be trying times in the next couple of years since no one knows exactly what the new rules for business and trade will be.

After that though, freed from "cumbersome" EU regulations on labor rights and the environment, the conservative-governed UK will become more unequal but the 1% will do fantastically well. A deregulated, pro-1% economy should be quite good for the UK stock market since the rich will be richer and will have more money to play around in stocks with. Of course, the middle class and working class are in for tougher times but that usually does not affect the stock market too much.

[yellowcanine]

4. The bottom did not fall out of the stock market. The Dow dropped about 5% over 2 days.

That's not even a correction. It looks as if it will recover nearly 1% today and it is quite possible, even likely imo that in 2 months all of the losses will be recovered and then some. But I think you need to meet with a financial adviser and make sure your retirement portfolio is balanced so that you don't have to sell equities when they are down in value.

[Major Nikon]

9. After today's close, even the FTSE is only down less than 2% over the last week

[TubbersUK]

5. Well, nothing very promising has emerged so far

Cameron's in Brussels I believe, getting answers to questions he should have asked before he gambled on a referendum.

The rest of the Tories are plotting and maneuvering in preparation for the leadership election.

Labour are burying Corbyn.

A treasury select committee is making noises about not pulling the Brexit trigger until autumn next year.

[C_U_L8R]

7. Don't sell your stock

and do take that vacation to London.

And treat yourself while you're there
and your dollar goes farther.

[pampango]

11. Good point. The collapsing pound makes the British poorer but it is great for visiting Americans.

We have a niece who just graduated from college there. This would be a great time to visit her.

[struggle4progress]

12. London voted against leaving the EU

[malaise]

14. I started a thread wondering about my colleagues

I escaped because I retired last November - hope you make up your losses before you retire.