The COVID-19 pandemic has been with us for more than a year and it’s probably no surprise that it is making pre-retirees worry that their long-term retirement savings is not enough for them to retire when they want.
Remember when 401(k) sounded like something only a chemist knew about? Now we all receive 401(k) statements routinely – including information about fees. High 401k Fees can introduce a tremendous drag on your investment returns over the long term.
Recent surveys have indicated that many of us are rethinking our retirement plans because of COVID-19. A survey from the nonprofit group Life Happens suggests that 43% of Americans plan to postpone and continue working past their retirement date because of COVID.
On June 19, 2020, the Internal Revenue Service announced new guidelines to help those affected by COVID-19 gain more access to retirement plan distributions and loans. The IRS makes it clear that employers can decide whether or not to implement these new rules.
The decision on which nursing home or long-term-care facility is difficult enough. It requires research, multiple site-visits, enormous patience and the willingness to ask a lot of probing questions. Let’s explore how to broach the subject before that decision is even reached.
The concept of “too big to fail” is simple: some companies (or industries) are so important to the day-to-day functioning of our lives that they just can’t be allowed to collapse. But what about your retirement planning? Shouldn’t you consider your retirement as “too big to fail?”