3. Hold off on retiring
A long time ago you may have decided to retire at a certain age. Very few seniors are able to hold on to that dream, and when our current economic climate is rocky it’s likely that less and less are able to stay on track with their plans.
In 1995, adults thought they would retire at 60. Nowadays, most Americans believe they’ll retire at 66. That can be for any number of reasons: longer life expectancy, better medical care, changes in the working environment, etc.
So, is it a good idea to hold off on retiring? Absolutely! Not only will your wages help pay your bills, but they’ll also ensure that your retirement savings stay untouched.
But the most important thing you’ll gain is time. By postponing you’ll have enough time to see where certain events will lead. Like the Coronavirus. You’ll see how things develop and will have more information to base your decision on. You’ll also have the advantage of gauging how persistent a downturn might be.
Finally, you’ll have enough time to really calculate the damage your retirement savings have suffered. On top of that, you’ll also have time to try and fix them so that when it is time to say goodbye to the workforce, you won’t do so with less than you have anticipated.
