Why Retirement Planning Is Even More Important During a Pandemic (Part 3 of a 3-part Series)
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Randy Smythe, 60, took an early retirement last September after a career in e-commerce sales and soon took off to spend a year visiting the national parks while renting out his home. Now, similar to most Americans, he’s stuck at home because of the coronavirus pandemic and still two years away from eligibility for Social Security, although he was hoping to wait until at least 65 to start collecting. Smythe is
hoping to dip into income from his investment portfolio, though the value of his retirement account has dropped by about 25%. He's also making an attempt at lowering his living costs to see himself through, but fears he may have to come out of retirement if that’s what it takes to survive.
The world has been in a state of panic since the outbreak of Covid-19, causing market volatility, loss of jobs, and an unexpected shift in plans for many of us. We all hope that there will be a vaccine on the horizon and things will get back to normal sooner rather than later. Given the current situation, however, it is now especially important to have a retirement plan in place to protect your financial
future, especially if the economic damage of the virus takes longer to resolve than the medical crisis itself.
In part one of this series, I discussed why estate planning is of vital importance during this global pandemic. In part two, I explored elder law and planning for long-term care, and in part 3, I will focus on retirement planning.
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