From many conversations I’m hearing stories of lives changing. Fortunately, most of our clients have not been severely affected. Sadly, a few have experienced tragic changes.
COVID-19 has reduced continued work as an option for many retirees. Many older workers are now facing lower Social Security benefits for a variety of reasons. Retirement accounts are being drawn down faster because of lower returns and needs. Housing prices are being threatened with reductions, while property taxes are facing severe increases. Renters are facing higher rents for a multitude of reasons. Because of the pandemic, many older workers are retiring earlier than they would have. This creates lower pensions, lower Social Security, and possible higher health care costs. Many older workers are being forced to dramatically increase their debt load.
This is a useful article in Forbes Magazine that details eight signs retirees, and those about to retire, will see that could cause a significant crisis.
Very simply, all of these issues require more planning so you can have a positive outcome rather than a negative one. If we haven’t talked about how some of these changes may affect your future plans, call me.
