While retirement is an exciting time, it can also be nerve-racking for many people. For some, living on a fixed income, coping with declining health, and dealing with the worry that they’ll outlive their savings is a concern. Unfortunately, retirement during COVID-19 has heightened risks.
Transamerica Center for Retirement Studies conducted a survey in 2020 to learn more about retirees’ finances during the pandemic and how they prepared for retirement during COVID-19 and their working years. Here are some noteworthy findings:
The pandemic’s economic impact on retirees can teach us several valuable lessons, including:
Together you and your financial professional can review your unique situation and determine how retirement during COVID-19 may affect your plans and options to help you save more. Contact your financial professional to get started.
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As a retirement income specialist and 38-year veteran of the financial services industry, August H. Velten understands what his clients need in order to enjoy a comfortable retirement. Augie is a former instructor for the Life Underwriter Training Council. He once occupied the legislative seat for the Maine Association of Life Insurers. At August H Velten & Associates, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!