When it comes to investing, older Americans can’t quit their stock-market habit.
Nearly two-thirds of U.S. adults age 65 and older own equity through individual stocks, mutual funds or retirement savings accounts, according to an April survey by Gallup. That is up from roughly half of Americans in the same age cohort before the 2008 financial crisis—the only age group to see stock ownership rates rise over that period.
Conventional financial wisdom suggests investors should rotate from risk assets such as stocks into havens such as bonds as they get older. But many abandoned the old “100 minus age” equity-allocation rule when, for much of the past decade, the stock market appeared to be the only place to get returns as interest rates hovered near zero.
Source: https://www.wsj.com/livecoverage/stock-market-today-dow-jones-06-20-2023/card/boomers-got-hooked-on-stocks-now-they-can-t-let-go–WBfwsJSkJGxjhIEAeOek?siteid=yhoof2&yptr=yahoo