Research have proven that the pandemic modified retirement plans in two opposing methods
COLORADO SPRINGS, Colorado (KKTV) – If your retirement plans have changed since the pandemic broke out, you are not alone.
“We’ve heard a lot from clients who are just worried about what’s going to happen,” said financial planner Nathan Archuleta of Summit Wealth Group in Colorado Springs. “The speed at which it happened was unique. It was a situation where you woke up and every day you hear on the news that markets are falling and the world is collapsing and we just don’t know what’s going to happen. “
A study of life in retirement found that about half of Americans are rethinking their retirement plans. The interesting thing is that many experts and research studies find two opposing trends.
“Things like layoffs, vacations, or people who were simply pushed out of their jobs before they expected to retire made them just sit down and take another look at things,” said Archuleta.
This is why one in three Americans has been forced into early retirement, according to Edward Jones Investments.
An additional concern for the people on this boat is having to rely on the economy that has been hurt by the pandemic, Archuletta added.
“In the first few years you retire, a few bad years of investment performance can really affect the rest of your life and your ability to truly achieve all of your goals.”
On the flip side, according to statistics from the Bureau of Labor, more than half of Americans had to postpone the milestone to finally be able to afford it after the pandemic.
When asked what people can do in this situation, Archuleta said, “Supplement with a part-time income or just consider a year or two delay and that will really make the whole financial situation and picture a little happier. “
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