Although raised by parents who lived through the 1929 stock market crash and the Depression, many of these seniors are aggressive investors, according to the same study. More women have also jumped into the fray in recent years, according to the National Association of Investors Corp., a nonprofit group that focuses on investment education for individual and club members. Today, about 68 percent of NAIC members are women. McClow, the investor from Phoenix, says the proliferation of discount brokerages and financial information on and off the Internet has lured many late bloomers to the stock market. Only a decade ago, he says, full-service brokers charged hundreds of dollars for a single transaction.
Many seniors form clubs with close friends, co-workers, and golf and bridge partners.
A registered nurse and a founding member of the Rainy Day Investment Club in Sacramento, California, she was only 58 and worried about having enough money to enjoy her retirement. Today, in addition to serving as her club's vice president, Piazza makes investment decisions for herself and her husband. The club buys stocks in companies whose products members understand. Today, Piazza says, her all-women club's stock portfolio performs better than many mutual funds. The club is also a place to find comfort, Piazza says.