Are you questioning your financial security during the coronavirus pandemic? Are you thinking you need to do things differently to ensure safety? Are you worried about being in or near retirement with these issues?
Let’s face it, the world is in a scary place at the moment. With everyone social distancing and worried about the spread of germs, one thing is certain; There are a lot of us out there not only questioning our personal safety but our financial safety as well.
To ease your worries, we have put together some helpful reminders/suggestions to help prepare you for what no-one saw coming.
Are you questioning your financial security during the coronavirus pandemic? Are you thinking you need to do things differently to ensure safety? Are you worried about being in or near retirement with these issues?
Let’s face it, the world is in a scary place at the moment. With everyone social distancing and worried about the spread of germs, one thing is certain; There are a lot of us out there not only questioning our personal safety but our financial safety as well.
To ease your worries, we have put together some helpful reminders/suggestions to help prepare you for what no-one saw coming.
We suggest:
- Investors nearing retirement: Have a balanced mix of stocks and bonds that reflect their risk tolerance and financial needs during critical times.
- Taking it easy when you hear about market drops. Patience and spending adjustments may be in order if you are seeking to retire in the next five years.
- Figure out ways to save during this (hopefully) short time that will help you maintain your future retirement needs in the long-term.
- Develop a retirement budget. If you are having trouble, look at your previous expenses to jump-start your budgeting. Keep in mind you will also need to:
- Determine what needs are essential in your retirement and plan for these.
- Assess your income source, i.e. Social Security, pension, etc. Include your savings and/or paychecks if you decide to continue working.
- Pay off as much debt as you possibly can!
- Consider refinancing a mortgage and/or consolidating high-interest debts.
The goal here is to make you as comfortable in retirement as you possible. Building cash reserves will help, along with reevaluating your risk, being flexible with your retirement date, (because who saw this coming) and most importantly, asking for help!
If you want to explore changes, receive professional advice, or even simply express your concerns, we would strongly suggest you do so with your financial professional.
Preparing for the future, although sometimes hard, will help ensure that everything runs smoothly when the time comes. Although the coronavirus pandemic had caused major disruptions, it is still possible to achieve the same retirement you have planned for.
Should you have any questions about your financial future, please call 855.735.6392 to speak with one of our experts today.