The Dow Jones dropped more than 600 points today in response to the Brexit vote. This was reportedly the its eighth-largest point loss ever. Meanwhile, the S&P 500 dropped more than 70 points today. Certain financial company stocks dropped significantly as well. Among them were Barclays, which dropped more than 20% and RBS who saw a 27% decline. The financial sector as a whole reportedly had its worst day since 2011 dropping 5.4%.
While all of this may make the evening news more interesting to watch, the concerns on many people’s minds are undoubtedly, “How will this affect me and my portfolio?” Especially with baby-boomers retiring each and every day, retirement portfolio losses so close to one’s retirement could be unrecoverable.
One of the first things to look at to see if your portfolio was significantly affected would be to examine at your exposure to the UK and your exposure to the financial sector.