if you're checking your retirement portfolio, you've likely noticed, that's why we need doug flynn on give us a pep talk. he's a certified planner, first of all, what's going on here, and what does it mean for our retirement? >> there's a lot of concerns globally in europe and asia and it's weighing down the markets. the markets had a nice run if you look at it from the low, and there's an opportunity to take profits if you were investing throughout all of this. the last time it was really low people said i should invest and they did invest, and you are up big on that part. if you're a short-term investor, these are concerns, if you're a long-term investor, it might be an opportunity. >> somebody who is 25 or 35 years old, landed their first job or getting under way. >> sure, what you want to do, if you are moderate, you need to add or subtract accordingly. you need as much money in stocks as you can afford to handle or sleep comfortably with in the long term, because if you're in your 20s or early 30s, the money will be invested for decades, have alternatives in a period of high vola

joining me, a personal finance author, and doug flynn, a certified financial planner. first question, guy from randi and n. cameron clark, california. our house is 41% under water and we struggle to pay $2800 a month mortgage when i retire in nine years. what are the downsides of walking away now? >> there are a lot of downsides. first, we've got the whole moral issue, how you're going to feel about doing that. another one is just the impact that it's going to have on your credit score if you need to borrow money going forward. randi said she's planning on retiring in nine years and i'm wondering why think of retiring if you've got this situation? i'd rather him talk to somebody, maybe at the national foundation for credit counsel organize the homeowner crisis resource center and figure out what they can do with their budget, can they refinance, do a short sale, other things they can do to get in a position where walking away doesn't feel like the only option. >> greated aadvice. terry asks, if i retire at 62ing collect social security i'm allowed to make 14,400, that'

a personal finance author and doug flynn, certified financial planner and founder of flynn zito. in south haven, mississippi. she asks, can a mortgage company or bank holding your house loan get money off your savings or checking account if they foreclose on you? >> painful question, and there's not a clear-cut simple answer in the sense that what we're talking about here is not waived garnishment but bank garnishment. rules sfraer state to state. depends on the scenario. a lot of people think if their home is foreclosed on there's no other obligation. depending on the nuances around it, you might be liable for the difference between what the home was able to sell for and your mortgage. definitely talk to your lender if you're in this situation and find out perhaps could you arrange a short sale at this stage instead. >> good luck with that, please. and asking us, does a charitable gift annuity make sense for someone way modest income? doug shed some light on this. >> i typically don't see it for a mod oeft income. you're saying, take a chunk of money i will never have access to

joining me this hour, a personal finance author, and doug flynn a certified financial planner and founderrst question, guys from randy in cameron park, california. randy asks, our house is about 41% under water, and we will struggle to pay the $2,800 a month mortgage when i retire in nine years. what are the down sides of walking away now? monesha? >> there are a lot of down sides, first the whole moral issue and how you're going to feel about doing that. another one is just the impact that it's going to have on your credit score if you ever are needing to borrow money and going forward. and i noticed randy said he's planning on retiring in nine years. and i'm wondering, why -- think about retiring if you have still got this situation. what i would rather him do is talk to somebody, maybe at the national foundation for credit counseling or the homeowner crisis resource center, and really trying to figure out what they can do with their budget. can they refinance, do a short sale, other things they can do to get in a position where walking away doesn't feel like the only option. >> right.

joining me this hour, the personal finance author and doug flynn a certified financial planner and foundermortgage company or bank holding your house loan get money out of your savings or checking account if they foreclose on you? >> the painful question. there's not a clear-cut simple answer in the sense what we're talking about here is not wage garnishmen garnishment. rules vary from state to state. a lot of people think if their house is foreclosed on, there's no other obligation. depending on the nuances you might be liable for the difference between what the home was able to sell for and your mortgage. you definitely want to be talking to your lender if you're in this situation and find out, perhaps, could you arrange a short sale at this stage instead. >> good luck with that. and wayne in arkansas asked us -- does a charitable gift annuity make sense for one with a modest income? >> i typically don't see it for people in a modest income because what you're saying i want to take a chunk of munny to i will never have access to the principle again, put it away, i can get income off of i