WEST DES MOINES, Iowa — It's a milestone everyone looks forward to: retirement. But is it still a good idea in the midst of a pandemic? Financial advisor Cameron McCarty advises if now is the right time and gives advice for the rest of us on how to make sure we're doing the right things with our retirement accounts.
McCarty says it depends on the individual's financial situation and if someone has been planning for this retirement date and kept to their financial plans, then it's likely they are still in a position to retire.
What about the rest of us? McCarty advises you to continue funding your 401k and if you decide to reduce contributions, he advises to try to stay at a level where you receive the company match, if your employer offers one. Despite the curiosity, McCarty encourages you to not check your retirement accounts too frequently. As we’ve seen historically, the market can take big dips and big gains. We’re focused on the longer term and not the short term changes.
If you're not ready to retire and struggling financially due to the COVID-19 pandemic McCarty says now might be a good time to organize your finances and figure out how much you'll need in retirement. Then create a plan for reaching that figure and check with a financial professional to see what might help you and your financial situation.
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