Advisors Helping Retirement Savers through the Coronavirus Scare by Bill Eager
Financial advisors are giving the best piece of their advice to help retirement savers through the deadly coronavirus scare responsible for COVID-19. Follow their guidelines to make your financial life easier and better as per described by Bill Eager.
Let us look at ways financial advisors are guiding clients through the coronavirus crisis.
All financial advisors are not aware of the outcome of the coronavirus-stock market downturn, but they continue to provide helpful guidelines to their clients, especially already-retired clients. One of the advisors urged the client not to invest or buy liquid assets even though they look attractive this time. According to her, the volatility of stock won’t be over until we’re done dealing with the virus.
Some tips for women to plan for retirement
It is generally seen that female clients receive a smaller salary as compared to their male counterparts. That means planning retirement is more challenging for women than men. Women have to face a longer life average span as well.
Advisors suggest working women review their overall financial condition, make the proper investment, and make smart personal decisions to reduce stress from their life. As per Bill Eager the key to maintaining balance is activating your strength — your mind-set towards savings — by getting the right information and advice from the right source at the right time and making the choices that can help you save and handle your money effectively in the hours of crisis.
Advisors suggest when a client should temporarily stop saving during the crisis.
Most certified financial advisors suggest to clients that they may need to temporarily stop saving in their retirement accounts as they need to deal with the ongoing health crisis and create an emergency fund that would contribute 3-6 months of living expenses. This option may not be ideal, Bill Eager said but this is the best solution for this problem. Once you can deal with the crisis, you can start contributing to your retirement plan again.
Should a client ignore his or her 401(k)?
As per Bill Eager clients may ignore their 401(k) plans due to an ongoing market downturn if they are all set to achieve their retirement savings goals. But unfortunately, most clients aren’t on track for a retirement goal. Times like these are uncertain and scary, and they come too loaded with many emotions. This could be the right time to start thinking about your financial future.