There has been much talk about who is at risk most health-wise from this virus, we all know economically businesses are being affected and unemployment is high, but there is another “at-risk” group that is receiving very little attention. That group is the retirees and the soon-to-be retirees.
For those planning to retire in the next few years, their entire retirement picture could very well be altered by this pandemic. First of all, with companies hurting financially, some will have to downsize or restructure, some may completely close, meaning retirement may come earlier than expected. As unfair as it is, older workers are usually at more risk of losing their job when downsizing happens. Finding a new job can be a challenge to anyone, but even more so when you’re at the end of your career, many times companies will opt for a younger, less expensive applicant. That is if you can find an opening, the financial impact of this is widespread and could mean fewer open positions.
Whether you are able to retire on your terms or not, and for those already retired, there is another risk – the risk of your 401k becoming a 201k. We saw this happen to countless people after the 2008 bear market. The amount saved for retirement for many, the amount of income they could generate in retirement from those accounts were cut in half. That meant changing retirement plans, delaying retirement, going back to work, or changing their lifestyle.
We don’t want to see that happen again! In fact, there were provisions added to 401k plans after 2008 to try and prevent that from happening again, yet many people are not aware of the options available to them. This can all feel overwhelming and too often the approach becomes not to even look at the statements and ignore the problem, but that will not fix the problem!
We have identified 3 things that everyone retired or planning to retire in the next few years should to ensure their retirement will not be infected by this virus.
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