Its frightening to think about, but what now?
-B.
Dear B.,
The truth is that nobody knows.
Sure, weve survived downturns before.
Theyve been painful and scary.
But retirement portfolios have bounced back.
In all likelihood, thats what will happen this time.
Yet weve also never seen a situation like coronavirus in our lifetimes.
So lets acknowledge what we dont know.
Note that what they told me is general financial advice.
You should always consult with a pro before making major financial decisions.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
This will permanently reduce a retirees wealth.
One good thing about your situation is that you arent living off your retirement accounts right now.
The longer it’s possible for you to avoid making withdrawals, the better.
That gives more of your money time to rebound.
This provides relief and time for those risk assets to potentially recover, Exelby said.
Otherwise, you risk chipping away at your principal balances and outliving your retirement savings.
But thats in an ideal world as in, one without coronavirus.
In the real world, you have to use the resources that are available.
So taking Social Security early to avoid selling investments at bottom prices may be something to consider.
These are scary times for everyone right now.
If youre constantly monitoring your retirement accounts… stop it!
bounce of your accounts and try FaceTiming with a friend or family member instead.
Just talking about your fears can provide some relief.
Were all experiencing this together even if we are in quarantine.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny.
Send your tricky money questions to[email protected].
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
