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As the pandemic has grown so have the layoffs and the forced early retirements for thousands of Coloradans. KDVR takes a closer look at what can be done for those in or near retirement who had planned to work a few more years but now have had their financial planning goals wrecked by COVID-19. Jordan Schwartz, financial planning advisor of Strategic Wealth Designers lays out what he sees as the best route forward for those who just got their retirement dates upended. “The biggest thing folks can do right now is make sure they have their retirement portfolios positioned correctly, having proper asset allocation is so important. Unfortunately, many only have 2 investments in their portfolios – stock funds and bonds funds, you need a much more balanced and diversified portfolio than this. What we are seeing from this historic drop is that it is likely to cause individuals to have to add 1 to 3 additional years of work to hit their retirement planning goals, when they were going to retire in next couple months,” Schwartz says.
Yahoo Finance recently noted that by 2024 nearly 1/4th of the workforce population will be 55 and over and COVID is potentially skewing that number at it reroutes Americans lives and financial plans. “In the short term, there have been a lot of jobs lost due to the pandemic, we should still keep in mind this will have an end date and positive things will come out of it as well. Some jobs may never return but others that hadn’t been thought of before will be created,” Schwartz said.
Schwartz also advised that while you don’t want to make any knee-jerk reactions you should definitely be taking a look at your investments in this volatile time to see if what you own and what your financial goals align with what you own. A big loss will hurt far more than a big gain in a financial portfolio for someone who is in or near retirement.
If you have follow-up questions about your accounts send Jordan an email Info@swdgroup.com