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How to Plan for Retirement During the COVID-19 Pandemic

How to Plan for Retirement During the COVID-19 Pandemic

| September 04, 2020
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Planning for anything — let alone retirement — right now might seem impossible. COVID-19 has thrust the world into uncertainty, disrupting short- and long-term arrangements. However, it’s essential to take care of yourself, and part of that is considering your financial future — even if it’s difficult to look past today. Read on for how you can prepare for retirement while keeping the pandemic in mind.

 Start early.

The earlier you think about retirement and save for it, the better.

 Assess your current situation.

Have you already saved money for retirement, or are you starting completely from scratch? Are you currently employed, or have you experienced job loss as a result of the pandemic? When do you want to retire? If you’re married, does your spouse have any retirement plans? Knowing where you are financially now can help inform where you can be in the years to come once COVID-19 is managed.

 Enlist a trusted financial professional, and create a retirement blueprint.

A professional can give you guidance on next steps, especially because they’ve likely seen the possible challenges of saving for retirement. With their help, you can design an approach that best suits your needs — and navigate potential setbacks or changes alongside a professional.

 Stick to the plan as best you can.

Creating a blueprint is one thing. Following through with it is its own beast. Barring extreme life changes, which are a real possibility during the pandemic, try to budget and save according to your plan so can work toward reaching your retirement goals.

 Do your research.

Even with a reputable financial professional by your side, it’s important to know your options. And being prepared for retirement-planning discussions can help guide fruitful conversations that address what you want and need.

 Try to be positive.

The future might feel bleak and unpredictable, but one thing you can control is how you respond to what happens around you. The pandemic is temporary, and perhaps planning for what comes after can help you see beyond the difficulty of the present.

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