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Wall street plunge impacts everyone's street

A Craig County man close to retirement estimates he lost $6,000 in the last two days.

August 08, 2011|Elizabeth Harrington | Reporter

CRAIG CO., Va. — Everybody will be watching the stock market this week hoping for a rebound after Monday's 634 point drop.

The loss hit many people in the wallet especially those about to retire.

Samuel Old lives in New Castle where he grows his own food including tomatoes. Old estimates he lost $6,000 in the stock market the last two days. He worries about the rest of the week.

"I'm afraid to even think about it," says Old, "If it does this the rest of the week there won't be anything left."

Old and nine other workers at Craig-Botetourt Electric Cooperative took a buyout. Old is set to retire August 31.

"My concern is just being able to make it after i do retire," says Old, "I'll end up having to work again part time somewhere if not full time."

Katherine Morris also shares his concerns. She works at the Glebe, a retirement community in Daleville.

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"I jokingly said to my financial planner 'so I need to work until I'm like 85 now instead of when I was planning to retire' and he laughed," says Morris, who spoke with her financial planner on Monday, "He said 'no it's gone down, it'll come back up'."

People who live at the Glebe say they keep an eye on the stock market.  They're concerned after Monday's loss but were also quick to point out that the market fluctuates. 

"I just feel it goes up, it goes down and you stay in for the long haul," says Carole Edwards.

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