If someone told you this past Christmas that by April we’d all be quarantined due to a global pandemic, you’d probably have looked at them like they were crazy. We’re living in strange times indeed.
Our lives have been disrupted. We all are wondering when things will get back to normal, or will they? I know I have wondered what the new norm will be. Will more people be able to work remotely? How is the retail business going to look? Have we all gotten used to shopping online? What are the long-term changes and how will those reshape our lives?
In the short run our lives have been interrupted. Has that changed the way you have shaped your retirement lifestyle? Think about it, if you have been working remotely from home the past couple of months, this is probably the most time you have ever spent at home. This may be the most time you have spent with your spouse on a day-to-day basis. Most folks have still had to work but let’s face it, not having to rush out the door every morning and fight that morning traffic has been a nice relief. It has been like a “mini test run” for retirement in some ways.
Has your desired lifestyle in retirement been reshaped?
Perhaps the four walls of your house have closed in on you and now you cannot wait to travel. On the flip side, maybe fear of another pandemic has changed your plans to travel in retirement and you want to embrace that home based lifestyle. Maybe you realized you enjoyed gardening and that hobby you never had time for and staying at home is exactly where you want to be.
For some of those folks already retired, this pandemic has changed the lifestyle they long worked for. For example, we are seeing more and more full-time RVer’s who sold their homes, starting to go back to a home base. We are seeing expats leave their new countries and come back to the US.
Covid-19 is going to change the retirement plans for many people. If you are young enough, with time, the market will recover and so will your retirement accounts. For many of the folks nearing retirement, their retirement plans may have just been shaken up. They now may not want to have the lifestyle they thought they did, or they can no longer afford it. For those small business owners who could not survive this, they may have nothing left for retirement.
For many, Covid-19 just reiterated that “life is short” and it is time to get on with living life. Perhaps it instilled a little more sense of urgency to your retirement plan. Maybe all this crazy stuff going on confirmed that what you’ve been considering doing in retirement has been the right move all along. Or maybe it’s not.
Has Covid-19 changed your future retirement plans? For many of you, it hasn’t. For others, perhaps it’s tweaked your timing. Some look at this time we’re going through right now and want to fast track their retirement sooner.
Change happens and it’s okay. Throughout life we learn to adjust at what is thrown at us and this time is no different. We’ll adjust and overcome.
Live free my friends,
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Investment Advisory Services offered through Shankland Financial Advisors, LLC, Registered Investment Advisor