The COVID-19 pandemic has caused many Americans to postpone their retirement. But could other, smaller events also affect your retirement date? And, if so, how can you respond?
Any number of things might cause you to change your retirement plans. You could get a higher-paying job, allowing you to retire earlier. Conversely, if you encounter a gap in employment, you may have to delay retirement so you can save more.
In any case, you need the resources to remain flexible with your retirement plans. While you’re working, contribute as much as you can afford to your 401(k) or similar employer-sponsored retirement plan. And try to manage your debts carefully – you don’t want to go into retirement carrying a big debt load.
Most important, create a financial strategy and revise it as necessary to respond to any changes in your planned retirement date. Many factors are involved in such a strategy, so you may want to consult with a financial advisor.
Preparation and flexibility are keys to helping you reach your retirement date successfully – whenever it occurs.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.