SARASOTA – Amid the coronavirus pandemic the country’s economy has taken a significant hit and if you planned to retire soon you might want to check your finances.
Local financial professional Celine Pastore from SimplePath Retirement says there’s a false sense of security with the stock market, so people should check to see that their portfolios are diversify in order to retire.
She says if you find yourself at the age to retire the first thing you should do is check to see if you’ll have health care access. However, Pastor says if your portfolio has taken a significant impact you might to put off retiring for a couple more years.”
“You really have to look at how much assets do you have, do a complete inventory, and then decide how much income t.hat you need. You take into consideration you have your social security or pension and then you just have to supplement on top of that,” said Pastore “Cause it’s not about hitting a home-run in the stock market or owning a bunch of investments. It’s about taking care of your family, making sure that you can meet your obligation and sleep at night.”
Pastore recommends to those who still have some ways to go before retiring to look into a Roth IRA and with that money growing tax-free for the rest of your life.