4 Retirement-Planning Tips in the Time of Coronavirus
Planning for retirement can be a daunting prospect under normal circumstances. But with COVID-19 wreaking havoc on the stock market and causing IRA and 401(k) balances to crumble, it can be hard to keep a clear head. Here are a few tips that will help you keep your cool -- and stay on course -- as we navigate these uncertain times.
The recent stock market downturn may, unfortunately, alter your retirement plans. If you're hoping to retire this year, or even next year, you may need to rethink that and give the market extra time to recover. It's too soon to tell when that recovery might happen or what it will look like, so the key is to be as flexible as possible. Rather than fixate on the things you're giving up (retiring when you want to), focus on the opportunities you might have by delaying that milestone. For example, if you were planning to retire this year at age 66 and claim your full monthly Social Security benefit, delaying retirement for a year or two will allow you to boost that benefit and lock in a higher monthly payment for life.
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Source Fool.com
