Treasury Secretary Scott Bessent sparked controversy when he claimed that people who want to retire right now are not paying attention to the stock market. However, a survey of 400 readers on the cusp of retirement revealed that more than 90% of them closely monitor the markets.
Many retirees cited sequence risk as their primary concern, which refers to the potential financial implications of starting retirement during a market downturn. With this in mind, it’s clear why many are watching the markets daily. Some readers even joked about being “compulsive” or “obsessive” about checking the markets due to the uncertainty and fear that comes with retirement.
Despite Bessent’s claims, the survey highlights a stark reality: retirees are not oblivious to market fluctuations. In fact, they’re actively trying to manage their finances in light of recent market volatility. This includes making adjustments to their portfolios and rebalancing investments to mitigate potential losses.
It’s worth noting that some readers took issue with Bessent’s tone and perceived disconnect from the struggles of ordinary people. As one reader pointed out, it’s essential for policymakers like Bessent to have empathy for those who are working hard to secure their financial futures.
Ultimately, the Treasury Department’s assessment on this matter may be misplaced. By ignoring the concerns of retirees, policymakers risk being out of touch with the very people they’re supposed to serve.
Source: https://www.nytimes.com/2025/04/13/your-money/retirement-bessent-stock-market.html