BILLINGS - Barbara Moscardini, 86, stopped working for the airlines in the 1940s. Since then she's been living off Social Security and her investments in the stock market. When the market took a turn for the worse, so did her investments.
"I was panicked," she said. "But I was calmed down by people who knew more about my investments."
MSU- Billings economist Scott Rickard said Moscardini's not the only one who was panicked.
"The people 65 years or older are most directly affected," Rickard said. "If they're already retired at least some of their retirement income is coming from their investments."
As an avid traveler, Moscardini is trying to cut back in an attempt to save up for trips.
"You have to save money," she said. "The plane ticket alone is $2,000."
She's also thinking of moving from her spacious two-bedroom apartment to a smaller one-bedroom unit.
"I don't really need all the space I have. I just like it," she said with a laugh.
Moscardini said her family is not crazy about the idea if seeing her move into a smaller unit. She said they would help her if she needed it, but she'd rather be able to provide for them.
"I want to pass along the same as money was passed along to me," she said. "It helps."
Rickard said some retirees are thinking of taking their money out of the market, but he said this can be dangerous as Americans are living longer and longer.
"If you're 65, there's a 1 in 4 chance that you'll live to be 90," he said. "So digging in can be dangerous. You could outlive your retirement income."
Barbara said people in her generation have lived through rough times before and she knows they'll make it through again.
Officials with Mission Ridge said the slowdown in the economy is also affecting their bottom line. They said people on the waiting list are waiting longer and longer before moving in.