The Coronavirus Pandemic: Should I Change My Retirement Strategy?

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1. In case you have a job or not

Depending on your current work status, you should take some precautions regarding your retirement plan. So, if you have a job, but your spouse doesn’t amid the coronavirus and you still manage to pay your monthly expenses, it is a good idea to stay away from your retirement savings. So, if you and your family can live a normal lifestyle on a single income, it’s best to put money aside, because you’ll never know what the future may hold.

On the other hand, if you’ve lost your job because of the pandemic, your goal should be to take really small amounts of money from your savings. You should also take advantage of unemployment insurance and any other assistance you’re eligible for through existing programs or the recent CARES (Coronavirus Aid, Relief, and Economic Security) Act. Discuss with your creditors your current financial situation in order to reduce, postpone, or spread out any payments you owe them.

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