After suffering deep losses in their retirement savings accounts, most Americans appear unsure where to move next.
"People are shell-shocked, paralyzed and afraid to do anything," said Christopher "Kip" Condron, the chairman and chief executive of AXA Equitable Life Insurance Co. at a "thought leadership program" last week. "Their retirement accounts have taken a terrible beating. There's no question that virtually everyone is being affected in one way or another by one of the most severe recessions in generations."
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