Retirement income planning looks different depending on your phase of life, but it’s a process that never really stops. Are you already retired? Are you 10 years out or less? Do you have 40 years left in your career?
COVID-19 has folks looking more closely at their retirement and personal finance strategies. Here’s a brief synopsis of what your general approach might be, based on your phase:
Already retired: If you did a good job planning and saving, you can probably stick with the path you’re on, perhaps with some modest adjustments. Maybe no changes are needed. If you are unsure of what your income strategy is, or if you don’t have one, now is the time to dial in. In either case, it’s good to visit with us regarding your financial plan.
Retiring within 10 years: Check in on your current plan. Our office uses “stress testing” software that considers a variety of market scenarios. Ten years out (or less) isn’t a lot of time, but it is better to check in sooner rather than later to see if you can optimize any aspect of your retirement strategy.
Retirement in more than 10 years: If you are investing regularly into retirement accounts, keep doing so. Dollar-cost averaging into the market through paycheck deductions or monthly transfers is the easiest way to keep investing. Now is a great time to map out a plan if you have not already done so. Please contact us if you aren’t sure what your plan is or if you don’t have one. It’s important to make sure that you have an appropriate asset allocation and that you are saving enough.
(Source: Voya Financial)