INVESTOR EDUCATION
Preparing for life events
Managing COVID-19’s impact on your money
Published on August 9, 2021
INVESTOR EDUCATION: Preparing for life events | Investor Education
Managing COVID-19’s impact on your money
Published on August 9, 2021
COVID-19 has reshaped our daily lives, profoundly impacting our financial well-being. A staggering 70% of Americans report a negative financial impact due to the pandemic. At Global Advisers, we’re committed to supporting you through these tumultuous times, ensuring your retirement plans remain robust. Here’s a look at how your financial life might have changed and strategies for navigating these challenges.
Reduced Income or Job Loss
Many have seen their incomes dwindle or disappear, prompting a reliance on emergency savings.
Next Steps:
Consider whether freelance work is feasible, reassess your budget, and explore if early retirement is a viable option. Utilize our retirement income calculator for a clearer assessment of your financial standing.
Unplanned Early Retirement
The pandemic’s harsh economic toll has disproportionately affected older workers, pushing many into unexpected retirement.
Next Steps:
Evaluate your spending habits for potential cuts and negotiate with creditors for manageable payment plans. Our guide on navigating sudden retirement can offer additional insights.
Delayed Retirement Plans
For some, dreams of retirement have been postponed due to financial setbacks.
Next Steps:
Stay the course and resist the temptation to chase higher-risk investments. Prioritize retirement planning, and remember, patience can yield a more secure financial future.
Lacking a Comprehensive Financial Plan
Even those unscathed by the pandemic’s economic effects may find it prudent to refine their financial objectives.
Next Steps:
Focus on setting specific, attainable goals for your investments. If saving for multiple goals, consider diversifying with accounts tailored to each aim, like a 529 plan for education savings.
Maintaining Financial Stability
If you’ve been fortunate to avoid financial hardship during the pandemic, these insights still underscore the value of emergency preparedness and regular plan reviews.
Next Steps:
Stay vigilant and ensure your financial plan aligns with your goals. Share these strategies with those in your circle who may be navigating financial uncertainty.
In these unprecedented times, it’s crucial to remain adaptable and proactive with our financial strategies. Global Advisers is here to guide you through the uncertainties of COVID-19, helping transform challenges into opportunities for financial resilience and growth.
This article is being provided for educational purposes only. The information contained in this article does not constitute a recommendation from any Global Advisers entity to the recipient, and Global Advisers is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Global Advisers nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed.