Falls in the stock market 'will not affect some retirement savings'

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Falls in the stock market 'will not affect some retirement savings'

Decreases in the values of stocks should not adversely affect people who are a relatively long way from retirement, an expert has claimed.

However, for people relatively close to retirement, action needs to be taken so as to avoid any further depletion in the value of their savings, according to Hargreaves Lansdown.

Danny Cox, head of advice at the investment products and services provider, said he believes falls in the market could actually be beneficial for long-term savers "as when the market falls you are actually buying more units and more shares".

"For regular savers a fall in the market isn't necessarily a bad thing," Mr Cox claimed, adding that as soon as the prices recover, savers begin to make a profit.

However, for people close to retirement, he argued that it could be more profitable and safer in the immediate term to begin transferring funds to lower-risk products to shelter older homeowners from any more market fluctuations.

Meanwhile, research released by Prudential earlier this month claimed that pensioners could see the value of their spending power significantly decrease by an average of £278 over the next 12 months thanks to inflations, stock market jitters and increased cost of living.

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