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Cheryl and Jim Friedman at their home in St. Louis. (AP Photo/Whitney Curtis)

CHICAGO (AP) — Cheryl and Jim Friedman, retirees in St. Louis, had two-thirds of their retirement money in the stock market in 2008. When the financial crisis struck that fall and stocks lurched up and down with nauseating speed, Cheryl, a former accountant, pulled the money out.

Fearing that the next crisis was always around the corner, they have kept most of the money out. It’s parked in a money-market account earning a meager 0.1 percent per year. The Friedmans watched in agony as stock prices doubled over the past three years.

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