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It’s no secret that the past year has thrown a monkey wrench into most people’s plans. For some, this may mean having to postpone your retirement due to a lost job or other set back. Fiduciary retirement advisor Thomas Reilly of Strategic Wealth Designers joined us on the newscast to discuss how the pandemic impacted retirement plans. Some people will now have to work an additional 2-3 years.
“For some, this need was inevitable,” Reilly says. “But many that had proper retirement plans in place were able to cope a little easier. Working with an advisor can help keep your retirement on track, even in the worst of situations. Your plan should limit risk as you near retirement.”
As more Baby Boomers retire, the economic landscape is changing. More retirees means that more people are taking Social Security. This causes a fear that Social Security will run out in the future. While it likely won’t disappear, it may see changes. The full retirement age may change, or the wage-base could increase.
“For now, focus on the short term,” Reilly says. “Once you have eliminated any debt, create short term savings goals. After reaching those, start thinking long-term and asking yourself what you want for your retirement. At this point, you may consider working with a financial planner or advisor.”
Beginning a financial plan as early in your career as possible can help you prepare for potential bumps in the road later on. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Jordan send an email to firstname.lastname@example.org.