Money
financial pandemic?
ideas for getting your finances on track during
a pandemic
The pandemic has altered life for all of us,
and finances have not been immune to
those changes.
Various surveys have found that many Americans
either stopped or lowered their retirement
savings contributions due to the COVID-19 crisis.
Many others withdrew from their retirement
accounts in the past year.
Now that vaccines are available and the economy
is rebounding, it’s time to get back on track. A
key point to remember throughout this and
future crises is that life goes on. Retirement age is
coming for all of us, so get prepared. Following are
several considerations for your financial health.
create an emergency fund
Many financial advisors recommend that you
have three to six months of living expenses in a
savings account for emergencies.
contribute to an IRA
A traditional or Roth IRA may be an option for
those who can’t contribute toward retirement
through an employer’s plan, and for those who
wish to do something in addition to an employer’s
plan. The 2020 contribution deadline was
extended to May 17, so there’s time to max out
contributions of $6,000 if you’re under age 50, or
$7,000 if you’re over age 50.
Content in this material is for general information only and not intended to provide specific advice or
recommendations for any individual. No strategy assures success or protects against loss.
Investment advisory services offered through Allen & Company of Florida, LLC (Allen & Co) and its affiliate,
LPL Financial LLC (LPL), registered investment advisers. Securities offered through LPL, Member FINRA/SIPC.
Meet the Author
contribute toward your
retirement through your
employer
If you stopped or lowered your contributions, or
if you’ve never contributed to the retirement plan
offered by your employer, it may be time to turn
that around. Start small if you must, but start.
Consider contributing enough to maximize your
employer’s match, if one is offered.
create/review your plan
You need a blueprint to build a house and a
treatment plan to address a serious health issue,
so it stands to reason that you should want
a financial plan to ensure you’ve covered all
your bases as you work toward retirement. It’s
difficult to know if you’re on track to live the kind
of lifestyle you desire in retirement if you don’t
know whether you’re contributing enough today.
Meet with a financial advisor to create a plan that
addresses your goals. This will give you a glimpse
into where you are, help you determine where
you want to be, and give you an idea of what you
should contribute starting today to help you work
toward your retirement goals.
Already have a plan in place? Consider reviewing
it annually, or when you experience a life event
that may alter your financial needs.
Lorrie Delk Walker is a financial advisor with Allen
& Company in Lakeland. She is a Florida native who
grew up in Ocala and has lived in Lakeland since
1999. She came to Allen & Company in 2019 after
spending more than two decades as a journalist and
public relations professional.
Allen & Company
1401 S. Florida Avenue
Lakeland, FL 33803
863-616-6040
alleninvestments.com
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