Donna Gow ought to be enjoying retirement, but the 68-year-old Ottawa resident is instead considering a return to work.

That’s because the recent stock market volatility brought about by U.S. President Donald Trump’s tariff threats have hit her investment portfolio hard.

It fluctuates, but when the self-employed IT consultant last checked she was down about $172,000. That kind of loss means her plan to retire and spend more time visiting her grandchildren in Europe is now in jeopardy.

“I’m still trying to make sure that I’ll be self-sufficient in my own income as I age,” she said. “So I’ve been considering going back to work … and getting another contract for maybe two to five years.”

She’s not the only retirement age Canadian who suddenly finds herself anxiously watching U.S. politics, asking how Trump’s actions might affect her investment portfolio.

Retirees ‘unsettled’ by stock market

Rudy Buttignol never expected his role as the president of the Canadian Association of Retired Persons to involve regular commentary on geopolitics. But Buttignol said he is now regularly hearing from his members concerned about how they are being impacted by Trump’s trade war.

“I can tell you what’s happening with the United States is really upsetting a lot of people, not only about the potential threats from the current U.S. administration, but also the stock market has really unsettled people,” he said.

Trump’s chaotic imposition of tariffs has wiped trillions of dollars from stock markets across the globe.

While financial advisors urge their clients to ride out the volatility, those nearing retirement age are among those who may be forced into realizing their losses by selling stock, Buttignol said.

“It’s just shocking for everyone; it’s more so for seniors because at this stage in life, they have less options,” he said. “This is not the time when if you lose a chunk, you can go back and you’ve got a few decades to rebuild it.”

Anxiety around market volatility has also been exploited by scammers, according to Ottawa police, who said this week that three victims in the province have lost around $1.5 million combined in gold in a new version of a “grandparent scam.”

Shannon MacDonald, a senior financial consultant at IG Wealth Management in Ottawa, advises her clients to reduce their exposure to investment risk as they get older.

“When you’re getting really close to retirement, that’s probably the most critical time to be making sure that you’re prepared for market volatility,” she said.

But the strong performance of the stock market over the past few years may have left some investors overexposed to stocks, she said, which highlights the need to regularly re-balance portfolios.

Gow said she feels fortunate to still have the opportunity to return to work.

“If I can get more income, then I can sort of wait this out,” she said. 

But the anxiety remains.

“Because this is supposed to last me until I’m into my 90s,” she said. “I have a very short window now where I can sort of build up what he’s lost for me.”