Despite economic setbacks brought on by the pandemic, many working Americans over the age of 65 are still looking forward to the victory of retirement
Financial advisor, Ryan Borders, from Richard Young Associates, suggests with the recent changes in the market brought on partly by COVID and the political climate, it’s more important now that retirees and those considering it have a financial plan set in place.
Ryan Borders says “One thing we tell people to do is look at how much you are spending a month, look at your bank statement for the last 6 months, then a year and see how much you spend. That will tell you whether you can cover that with investments, social security things like that.”
A question many retirees have is whether to take their entire pension out at once or receive a monthly distribution.
Ryan Borders says “Pensions are rare things nowadays and they are a great thing to have but you want to make sure you fully understand your pension before you go into retirement, so you don’t get caught off guard. Today’s dollars might not cover tomorrow’s dollars. You want to make sure you have a cost-of-living adjustment potentially.”
A piece of advice Borders stresses to future and current retirees is sit down with a professional to fully understand all of your options as you prepare for retirement. Having peace of mind going into your Golden Years, can be the difference between regretting or enjoying your golden years like Pedro Hoyos-Salcedo or Profesor Pedro as he’s known by his students.
Pedro Hoyos Salcedo says “I’m doing now what I use to do during my last fifty years. Reading, teaching, advising, and having fun.”
Pedro Hoyos-Salcedo is among a lucky few who recently retired as an educator of 26 years at Augusta University. He says retiring in the middle of a pandemic didn’t change much of his current normal.
Pedro Hoyos-Salcedo says “The new normal is my old normal so I feel the same as before. Of course, there are lot new rules and new concerns. The new thing I’m feeling is just developing more common sense.”
Salcedo says one of the things he misses most is traveling which he and his family plan on visiting his home country of Colombia once the pandemic is over. Having a sound financial plan is A piece of advice he’d give to educators and future retirees like himself:
Pedro Hoyos-Salcedo says “Do your homework and be calm. Try to be always happy…and remember you are very important. Smile, laugh every day, even to help with your wrinkles.”
In Augusta, Taylor Leverett, WJBF News Channel 6.