It is difficult for people to save for a future pension even if there is no economic problem. However, the situation got complicated with coronavirus. The CEO of Kindur financial company and founder of Silvur retirement planning application Rhian Horgan is giving some tips for future retirees.
Stay Flexible
Retirees or those to be retired will be in good shape if they begin to refuse some expenses, for example: many subscriptions, gifts, expensive food. It is easy today to find many free or inexpensive applications and foods at discounts. People, to whom cutting costs is impossible, should find additional work.
Find a Plan
50-60 year-old people should always have a second plan. An emergency fund is an untouchable reserve for difficult times. It is necessary to start putting money into this fund at the age of 40 or earlier. By the way, a retirement annuity could be such a fund.
Create a Distance with Your Retirement Accounts
When crisis comes and the stock market is unstable people often rush to check their retirement accounts and stock portfolios. Trust me it is better not to make snap decisions or arrange a big sale of securities, or early withdraw money from accounts in difficult situations.
Government Support
It is necessary to learn and use all the exemptions provided by the government or local authorities amid the crisis, it will help save money.
Postpone Your Retirement
Extra five years make no difference for people who have worked for decades waiting for retirement. However, this period can seriously change your income for the rest of your life.
Source: https://www.fox2detroit.com/money/5-coronavirus-lessons-for-anyone-with-a-retirement-fund
Photos are from open sources.
