If you have been one of the many impacted by COVID-19 and you’re closer to retirement than some, then you should look through these tips to see what you can do to overcome this problem.
Check Your Savings
Check your savings account to see how much money you have. It’s a necessary exercise to be sure you have enough in your account to last your entire retirement. If you are not working with a financial planner, this may be an ideal time to start. You should also verify that you have more than you need since you never know when you may face an emergency during your retirement.
Be proactive, don’t be surprised when your savings gets low. Find out if you have enough money to retire now! Will your savings last if you live into your 90’s? Take the time to properly look through your savings account. This way, you can avoid problems in the future.
Consider Freelance Options
Most people will try and find a job after they get laid off, but that might not be an option for you. You can always go online and look into freelance or remote jobs that you can do to make some money while looking for something stable. This way, you can at least create a flow of income without relying on your savings to survive.
Remember that the internet provides multiple ways for you to turn your hobbies or skills into freelance opportunities. For example, you can take advantage of the “gig economy” including food delivery, grocery delivery or at home call center support jobs. If you feel you still have time before you retire and you want to keep busy (and income coming in) check out the freelance world and see if you can make some money through it.
Look Into Businesses and Stock
Remember that you don’t need to work at a job to make money. Depending on your financial situation, you could either create a business or purchase stock to make some money before you enter retirement. This way, you can work on the best schedule for your situation and look for ways to make money through these avenues.
Creating a business can be difficult, but can be a great opportunity if you approach it correctly and know how to market. On the other hand, stocks can help you to make money, but you do have some risks associated with them, just like with businesses. It comes down to deciding if either of those risks will be worth the potential rewards you could gain. Again, working with a financial planner can help guide you to an appropriate financial plan.
You may face some struggles if you get laid off right before you retire, but you can still try and make the most out of the situation. This comes down to assessing your current position and then looking for ways to overcome it. Let us know how we can help.
Investment Advisory Services offered through Retirement Wealth Advisors (RWA), a Registered Investment Advisor. Pennsylvania Wealth Management and RWA are not affiliated. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Pennsylvania Wealth Management and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.
Million Dollar Round Table (“MDRT”) is a membership organization. Qualifying criteria for membership includes attaining specified levels of commissions earned, premiums paid or income earned on the sale of insurance and other financial products. MDRT membership requirements include the payment of annual dues, compliance with ethical standards, and maintaining good standing with an MDRT-approved professional association. The MDRT logo and/or trademarks are property of their respective owners and no endorsement of Jason Bergey or Pennsylvania Wealth Management is stated or implied. MDRT and Retirement Wealth Advisors, Inc. (RWA) are not affiliated.