This January not only marks the start of a new year.
It is also the two-year anniversary of the first identified case of Covid-19 in the U.S.
At the time, the pandemic caught most people by surprise. Now, many of our lives do not look the same as they did before Covid-19.
People now are reassessing their retirement timelines, where and how they live and other future goals in the face of the new omicron variant of Covid-19 and continued unknowns.
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“This is probably the largest period I’ve ever seen in 30 years … [of] how many people are in a period of self-reflection,” said Ted Jenkin, CEO and founder of Oxygen Financial in Atlanta.
For 2022, it’s “super important” that everyone redo their financial plan, Jenkin said.
“It’s just such a great time to reassess your goals and think about your life priorities and ask yourself, ‘Are you set up to make that happen?'” Jenkin said.
Uncertainties heading into the new year have prompted clients to pause their plans, said Winnie Sun, managing director of Sun Group Wealth Partners in Irvine, California. Her message: “Control the things you can control,” she said.
Rethink your retirement timeline
Oliver Rossi | Stone | Getty Images
The Covid-19 pandemic has inspired many people to re-evaluate their relationships with work and careers.
The question many are asking, advisors say, is, “Can I retire earlier?”
People who wanted to retire at 65 now want to know whether they can do that at 60, Jenkin said. And those who planned to stop working at 60 now want to see if they can move that up to 55.
“I think people are telling themselves, ‘I can have millions and millions of dollars in the bank, but it doesn’t do me any good if I don’t have my health and use it to do the things I want to do,'” Jenkin said.
Sun said she’s had one client who retired very young — much earlier than his colleagues — and others can do it, too.
“I tell my clients, if you want to shave off 10 years pre-retirement, that means we really need to hustle now and find other ways to bring in income,” she said.
By picking up a side hustle or freelance work and living off the bare minimum, you can successfully move up your retirement timeline, Sun said. It is also essential that you’re investing for the long-term growth you will need.
“If you don’t want to make …….
Source: https://www.cnbc.com/2021/12/03/why-its-super-important-to-revisit-your-financial-plan-for-2022.html