If you are nearing retirement age, the pandemic likely hasn’t been kind to your financial
situation. Everything from your savings to your earnings and income was likely affected
negatively. Even a small change can have a big impact on your retirement plans. However,
there are ways to handle the financial stress so that you can move forward with retirement.
It Starts with a Plan
As a future retiree, you do not want to go into your senior years without a plan. This should start
by understanding what Design Retirements calls Retirement Pillars. These include your
spiritual, growth, medical, social, and financial needs. Once you have these clearly outlined and
defined, you will be in a better position to fully understand what, exactly, you must do to make
your retirement years your most financially independent.
If you’re not particularly good with budgeting or have undergone a financial downturn during the
pandemic, now is also a good time to look into hiring a financial consultant. A financial
consultant works as an advisor, and they can help you make the most of the money you have
while also paying off debts and putting some back into savings. If your budget is already
struggling, make a point to read reviews on your consultant of choice to ensure that they can
provide the services you need and that they have a track record of effectiveness. Even if the
one you choose is more expensive than others, remember that you’ll lose money if you get bad
Using a financial planner is a great step, but keep in mind that you do not have to take all their
advice at once. To keep from getting overwhelmed, the American Psychological Association
suggests making one financial decision at a time. You’ll also want to make notes about what
stresses you out the most. This might be credit card debt, your utility bills, or your car payment.
Knowing what causes you the most financial discomfort means knowing what to tackle first.
Another possible first step is to eliminate monthly bills for services that you do not use or do not
need. If you have cable, for example, that’s almost $75 a month for television that’s been
usurped by streaming services. You can also pay down your most expensive credit cards so
that you are not incurring compounded interest, which will only put you further into debt.
A Helping Hand
Sometimes, budgeting and paying down debt isn’t enough. If you find you’re still having trouble
making ends meet, now might be a great time to look for help. There are many organizations
that provide financial assistance to the 65-and-up crowd. Also, there’s no shame in reaching out
to your friends and family, local community organization, or church if you need things like food
or transportation services.
You can also look for discounts that are exclusive to seniors. According to Dealnews, AT&T,
Harris Teeter, IHOP, Kohl’s, and dozens of other companies offer discounts for older
Americans, often starting at age 50. You may be able to find savings on minor indulgences,
such as a massage or manicure, that will boost your morale while you navigate the tumultuous
seas of retirement planning during a pandemic.
COVID changed all of our lives, and often not for the better. If the pandemic affected your
retirement plans, don’t fret. As they say, this too shall pass, and this is just a bump in the road
toward your best years. However, you’ll be much better off if you get a handle on your finances
now so that, when the time comes, you can relax as a financially secure retiree.
Are you ready to live the retirement you’ve always dreamed of? Get started today by registering
with Designed Retirements
Image via Pexels