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COVID-19 has ravaged the global economies in recent weeks, unfortunately leaving an average indentation on retirement portfolios of Americans of $16,000 as of the close on March 9, 2020. While many are blaming this stock market downturn on just the health-related impact, there are also concerns surrounding supply chain disruptions that may have severe repercussions for even large companies. Another industry that is suffering is the travel industry, as people are opting to stay-home and canceling vacations that are not necessary.
For those who are preparing to retire shortly, you may be rethinking those plans due to concerns about having your retirement savings damaged enough to where maybe working a bit longer seems like a good idea.
However, if you are a year or so away from that retirement end date, this recent bout of volatility shouldn’t be keeping you awake at night. Time is on your side, and the markets should rebound in those months before you start taking distributions from your 401(k) or IRA.
But what if you have already had your retirement date set in the near future? What questions should you be asking, and where do you find those answers?
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Investment advisory services offered through Barber Financial Group, Inc., an SEC Registered Investment Adviser.
The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.