Being of a certain age now where anything to do with retirement is something we should be tuned into, we subscribe to a number of newsletters including one from Stansberry Research who have been writing on the topic of wealth and health since 1999
We’re now revisiting a newsletter they wrote back in May 2020 when the news of the coronovirus was at it’s height and the headline of their newsletter was pretty hard hitting with the words “The Coronavirus Is Emptying Retirement Accounts”.
Now admittedly their audience is generally people who live in the USA but quite honestly the coronavirus has affected everyone of every age but especially those in or approaching retirement.
According to a survey by personal finance company Magnify Money, many Americans (and they are not alone as we see it here in the UK too) have either stopped contributing to their retirement accounts or have decreased their contributions because of the coronavirus crisis. Even worse some are pulling money out of their retirement accounts to pay for essentials like groceries and household bills!
That really hits home doesn’t it!
The Baby Boomer Generation (those aged 56 to 74 as of time of writing) have been impacted the most financially and it’s troubling because they are the ones who really need to keep their contributions steady.
No one wants to get to get to the finishing line short of several thousand dollars
It’s opened up a floodgate for folks searching for ways to come up with more cash and whilst there are many legitimate ways to do this (because we’ve done it and still do it) there is a need for caution as there are many scams and less than nice people out there ready to take advantage of the situation… even the coronavirus crisis!
To conclude this article, we wanted to touch on the importance of not forgetting your retirement goals and being able to retire when you want and to live comfortably in your retirement whatever that means to you.
The fact of the matter is that you can’t rely on your government to take care of you when you reach your golden years. If you haven’t saved enough money it will be had to life the retirement lifestyle you are hoping for. The later you start saving for your retirement the more you need to be able to save. It’s a crazy situation and we understand it well having been there ourselves and working with many people like the readers of our blog to find other ways to top up their savings.
Coronavirus is dominating the news and will continue to do so for many more months to come. At the time of writing here in the UK we’ve just seen strict measures being introduced to prevent the spread of coronavirus as it’s reaching exponential growth proportions once again.
We don’t give financial advice as we’re not qualified to do that so we would urge you to contact your financial advisor and get some good solid advice and if we can help with giving you some ideas to create an additional income then you can reach out to us here