Concerned about what retirement might look like amid pandemic? You don’t necessarily need to be
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During a time of uncertainty in the world, it can be intimidating to plan for retirement, but certified financial planner professional Nancy Hecht said you don’t necessarily need to worry.
“I do firmly believe, as well as a lot of my colleagues, that come end of the year, financially, our country is going to be in a different shape," Hecht said.
She added that if you’re not retiring this year, you have a little bit of time on your side, as things will return to normal. People want to get out and spend money on the things they did before.
“Throughout this year, where we’ve seen our market values decline on our portfolios, if you haven’t sold anything, then you should be in decent shape,” Hecht said. “And it may take through the end of next year for things to completely recover, and then profit nicely to make up for the declines in the beginning and the middle of this year.”
She said if you’re still investing right now, you’re getting a lot for your money.
“This is a great time to be buying,” Hecht said.
For those who have followed their investments and not sold anything, they haven’t lost anything.
“The tide has receded a little, but the seawater is exactly the same, and when the tide comes rushing back in, the values will go back up," Hecht said.
Learn more by watching the video above.