The last few months have been a financial rollercoaster for millions of Americans, to put it mildly. Tens of millions of workers lost their jobs as businesses closed their doors to mitigate the spread of COVID-19, and investors watched their retirement savings take a nosedive.

Older adults nearing retirement age are particularly concerned about the future, with nearly 90% of Americans who are planning on retiring within the next decade saying they're at least slightly worried about the effect the coronavirus pandemic will have on their retirement, according to a recent survey from Personal Capital.

However, this doesn't necessarily mean you're not prepared for retirement. The coronavirus pandemic may not be over just yet, and there's a chance a second wave (and a second stock market crash) could be on the way. But despite these uncertainties, there are a few signs you're ready to retire anyway.

Image source: Getty Images.

Even during strong economic times, it's important to have a healthy retirement fund before you consider retiring. But this is even more vital right now when the stock market is volatile.

If there's a second wave of COVID-19, the stock market could plummet again like it did earlier this year. That means your savings will likely take a hit as well, and you may need to tweak your retirement strategy. If you've barely got enough saved just to scrape by in retirement, a market downturn could wreak havoc on your finances. But when you have a robust stash of savings, you'll be able to weather the storm and still enjoy a comfortable retirement.

An emergency fund is the key to weathering a potential stock market storm. It's not ideal to be withdrawing money from your retirement fund during a market downturn, because that's when stock prices are at their lowest. By selling your investments when stocks are less valuable, you're potentially losing money compared to if you wait to sell until stock prices are higher.

For that reason, it's best to leave as much money as possible in your retirement fund when the market is experiencing a downturn. But you'll need to get money from somewhere, which is where your emergency fund comes into play. When you have a healthy amount of cash stashed in your emergency fund, you can leave your retirement savings alone as much as possible until your investments recover.

Typically, experts recommend saving enough in an emergency fund to cover three to six months' worth of living expenses. But these are not normal times, so it may be wise to save more than that just to be safe.

In general, Social Security benefits are designed to replace around 40% of your pre-retirement income. However, the program is on shaky ground right now, and there could be benefit cuts in the relatively near future.

The trust funds the Social Security Administration (SSA) relies on to pay out benefits are expected to run dry by 2034, according to the SSA Board of Trustees' latest report. At that point, the SSA will need to rely on payroll taxes to fund benefits, and those taxes are only expected to be enough to cover around 76% of future benefits. In other words, benefits could be reduced by roughly 25% by 2034 if Congress doesn't find a solution before then.

COVID-19 could be making matters worse, too. With tens of millions of Americans unemployed, there's less money than usual coming in from payroll taxes. That means the trust funds could be depleted before 2034, and retirees could face benefit cuts sooner than expected. By coming up with a plan for how much you'll depend on Social Security and factoring in potential cuts, you can ensure you won't be over-relying on your monthly checks.

Choosing when to retire is one of the biggest life decisions you'll ever make, so it's not one to be taken lightly. It can be risky to retire during a pandemic, but that doesn't mean it can't be done. If you've done your homework and prepared thoroughly, you can give yourself the best chance at retiring comfortably no matter what the future may hold.

Read the original here:
3 Signs You're Ready to Retire Now -- Even if There's a Second Wave of COVID-19 - The Motley Fool

The best state for retirees to live these days is also one many Americans might want to avoid at least for now.

Florida topped the list of the best states for retirees to live, in a recent study from Blacktower Financial Management Group. A quarter of the states population is age 60 or older, and it boasts sandy beaches and warm temperatures. The average home price is $252,000, and life expectancy is just shy of 80 years old there, the analysis found. The sunshine state jumped nine places from where it ranked in 2019.

Florida may be a hotspot for retirees but its also one of the states that has seen a troubling spike in coronavirus cases, the governor confirmed this week. Other states with rising numbers of cases include Oklahoma, Texas, Idaho and South Carolina, according to NPR.

See:Heres exactly where you should retire based on whats important to you

The southern state surpassed 100,000 total COVID-19 cases on Monday, and saw its highest peak in cases since the pandemic first began. More than 98,000 residents tested positive for the virus, and more than 3,000 people died from it. Most patients who recently tested positive were in their 20s and 30s, down from the average age of age 65 a few months ago, the governor said. Overall, the U.S. has had 2.3 million cases, with a slight uptick in the last three weeks.

Minnesota ranked second, followed by Iowa, Ohio and Texas. The remaining top 10 states included Wisconsin, Nebraska, Pennsylvania, Illinois and Idaho. Blacktower analyzed and weighted crime, cost of living, older populations, average property prices and life expectancy to create its ranking.

The worst state to retire was Alaska, which had the highest crime rate, the firm found. Hawaii had the highest life expectancy in the U.S. and Mississippi had the best cost of living for retirees, with its inexpensive food and property prices. West Virginia had the lowest average property prices.

Also see:Hot springs in January, no traffic and universal health care. The best retirement escape youve never heard of

Though rankings can be helpful, these lists are usually only one step in determining where to move for retirement. There is so much to consider when choosing where to retire, such as income and property taxes, proximity to family, as well as lifestyle and entertainment. Another factor is health care, and being close to facilities that cater to specific health concerns.

Some retirees may not want to move to another state, but another country entirely, which comes with its own list of factors to weigh. A few examples: health insurance, off-season weather and earning active or passive income.

Original post:
This is the best state to retire but you may not want to go there just yet - MarketWatch

High expectations await Rob Gronkowski as the former All-Pro tight end came out of retirement after one year to join the Tampa Bay Buccaneers -- and reunite with good friend Tom Brady. Gronkowski already has his Hall of Fame resume sealed, but he can add to his legacy as one of the best tight ends to ever play the game with a strong finish in Tampa.

Gronkowski isn't the first high-profile NFL player to be lured out of retirement, and he likely won't be the last. Former NFL greats who returned to the game after officially retiring have typically performed at a high level, even in their mid-to-late 30s. Gronkowski is just 31 years old and still in his prime, so a good season or two may be ahead if he can stay healthy.

These 10 NFL greats didn't need to return to football, but each had reasons to return and played at a high level in their second NFL life. Here are the 10 best NFL returns by players who had retired from the league:

White shockingly returned to the NFL after retiring as a First Team All-Pro and finishing with 16 sacks with the Green Bay Packers in 1998 -- at 36 years old. The Carolina Panthers were looking to bolster their pass rush and lured White out of retirement in 2000, signing him to a five-year deal.

White finished with a career-low 5.5 sacks, even though he started all 16 games at 38 years old. Not bad considering he signed in late July, when Panthers training camp was set to begin. He actually finished second on the team in sacks.

White retired for good after the season as the NFL's all-time sacks leader with 198 (which Bruce Smith surpassed in 2003).

Shocking the NFL by retiring in his prime, Williams had tested positive for marijuana for a second time and was facing a four-game suspension. Using the time to "find himself," Williams studied Ayurveda, an ancient Indian system of holistic medicine, for a year before deciding to return.

Williams started just three games in his first season back in 2005 with the Dolphins, rushing for 743 yards and six touchdowns in 12 games. He failed a drug test for a fourth time, and was suspended for the entire 2006 season -- playing for the CFL's Toronto Argonauts to stay in football shape.

Williams rushed for 1,121 yards and 11 touchdowns in 2009 at the age of 32 (despite only starting seven games). After a 2007 season which he had to apply for reinstatement to the league, Williams didn't miss a game in the last four years of his career.

He rushed for 3,655 yards and 25 touchdowns in the six seasons following his retirement. Williams wasn't the same player that took over the league in his first five seasons.

Harrison initially retired with the Pittsburgh Steelers at 36 years old in 2014, but wasn't away from the NFL for long. Thanks to injuries piling up on the Steelers defense, Harrison was lured out of retirement weeks later. He started just four games, but finished with 5.5 sacks and 14 quarterback hits in 11 games.

Harrison never made a Pro Bowl in the four years after his return, even though he was the emotional leader on the Steelers defense. He recorded 15.5 sacks and 38 quarterback hits with two interceptions in a part-time role with Pittsburgh the first three seasons back, all in his late 30s.

The Steelers played Harrison just 29 snaps in the first 12 games of the 2017 season, leading to his release in December of that year. The 39-year-old Harrison signed a contract with the Steelers arch-rival, the New England Patriots, days later and had two sacks in his first game with the team, a Week 17 win over the New York Jets.

Harrison started Super Bowl LII and played 91% of the snaps, finishing with two quarterback hits against the Philadelphia Eagles. He retired after the 2017 season, recording 17.5 sacks and 42 quarterback hits since returning at 36 years old.

Hard to believe Sanders played at a high level at 37 years old, missing three seasons after retiring from the NFL in 2000. Sanders still had an itch to play and something to prove. Sanders actually was claimed off waivers by the San Diego Chargers in 2002 when Washington released him from the reserve/retired list, but it was too late for him to be activated so he never played a game for the franchise.

Ray Lewis helped lure Sanders out of retirement in 2004 when he signed with the Baltimore Ravens, playing the slot after a decade as one of the best outside cornerbacks in the game. Sanders played in just nine games his first season back, but finished with three interceptions and had five passes defensed. He also returned an interception 48 yards for a touchdown in Week 7 against the Buffalo Bills, tying Ken Houston and Aeneas Williams for second place in interception returns for touchdowns in league history.

Sanders played two years in Baltimore, finishing with five interceptions and 10 passes defensed in 25 games, retiring for good at 38. There aren't many cornerbacks who played well in their late 30s, but Sanders was one of them.

Hard to make a top 10 list without mentioning Cunningham's massive return to the NFL. After the Philadelphia Eagles released Cunningham and the St. Louis Rams failed to sign him, Cunningham walked away from the game at 33.

Cunningham, who was a studio analyst for TNT and ran a granite business, signed with the Minnesota Vikings in 1997 as Dennis Green needed a backup quarterback. The former Bert Bell award winner had plenty of game left in him. Cunningham earned the starting job in Week 15 of the 1997 season and led the Vikings to a thrilling 23-22 overtime win over the New York Giants in the NFC Wild Card round, conducting two late scoring drives in the win.

The 1998 season was Cunningham's best in the NFL, as he threw for 3,704 yards and 34 touchdowns to just 10 interceptions to lead the Vikings to a 15-1 record. Cunningham threw four touchdown passes in four separate games and led the NFL with a 106.0 passer rating, earning First Team All-Pro honors at the age of 35. He threw for 505 yards and five touchdowns in two playoff games, but the Vikings were shocked in overtime by the Atlanta Falcons in the NFC Championship Game, thanks to a missed 38-yard field goal by Gary Anderson -- who hadn't missed a kick all year.

Cunningham never recaptured that 1998 magic and lost his starting job in 1999, but played three more years as a backup quarterback. He signed a one-day contract to retire with the Eagles in 2002. Cunningham threw for 7,102 yards and 57 touchdowns to 29 interceptions following his return.

Ed "Too Tall" Jones retired from the NFL at 28 after the 1978 season to pursue a boxing career. He actually went unbeaten in his six fights, but wasn't considered a true heavyweight contender. Jones returned to the Dallas Cowboys in 1980 with his best years ahead of him.

Boxing made Jones a better football player, as the Cowboys legend made three Pro Bowls and was a First Team All-Pro selection once in the 10 seasons after his return. Sacks weren't an official stat until 1982, but Jones recorded 57.5 of them in the eight seasons they were official -- all after the age of 31. Jones missed just one game since returning to football and finished with 13 sacks in 1985 and 10 sacks in 1987 (at the age of 36).

Somehow Jones isn't in the Cowboys "Ring of Honor" nor the Hall of Fame. He should be in both.

Nagurski took five seasons off before returning to the game in 1943, at the age of 35. The Bears were short of football players due to World War II, so Nagurski decided to come back as a tackle (he played fullback in his first eight seasons with Chicago).

The Bears were trailing in a must-win game late in the season against the Chicago Cardinals, so they moved Nagurski back to fullback. Nagurski scored a touchdown to put the Bears within one score in the fourth quarter, as Chicago scored 21 unanswered points in the final quarter to send the Bears to the NFL Championship Game.

Nagurski scored on a 3-yard run to give Chicago the lead for good in the title game, finishing with 11 carries for 34 yards and a score in a 41-21 victory. Nagurski went out on top after being away from the game for half a decade, one of the best returns in league history.

Favre actually retired twice, in 2008 with the Green Bay Packers and in 2009 with the New York Jets -- two of the weirdest sagas in NFL history.

His decision to retire the first time came after Favre made a Pro Bowl at the age of 38 and he led the Green Bay Packers to the NFC Championship Game in that same season (2007). Shortly after announcing his retirement, Favre decided to return that summer.

The Packers moved on from Favre and traded him to the New York Jets, where he led the league with 22 interceptions, but made the Pro Bowl. Favre completed 65.7% of his passes and threw for 3,472 yards and 22 touchdowns as the Jets collapsed from an 8-3 start to finish 9-7 and miss the playoffs. Favre played with a torn biceps tendon in his right shoulder the final month of that season.

Shortly after the Jets' season ended, Favre retired again, only to come back and quarterback the Minnesota Vikings in August of 2009. He had arguably the best season of his career at age 40, completing 68.4% of his passes while throwing for 4,202 yards and 33 touchdowns to just seven interceptions (107.2 passer rating).

The Vikings reached the NFC Championship Game as Favre took the eventual Super Bowl championNew Orleans Saintsto overtime. Favre played one more season in Minnesota before retiring for good at age 41. He started 321 straight games at quarterback (regular season and postseason) and did not miss a game until his final season.

Favre played his best football into his 40s with a shortened offseason, adding to his legendary career.

Whether Riggins actually retired from the NFL is up for debate, but the Washington Redskins actually did place him on the retired list in 1980. Riggins wanted to renegotiate his $300,000-per-year deal with the Redskins, but the team refused. Riggins left camp that season and the team placed him on the camp-retired list, preventing him from going to another organization.

New Redskins head coach Joe Gibbs wanted Riggins back and gave him a peace offering. Riggins asked for a no-trade clause in his contract, and the Redskins obliged.

Riggins returned at 32 years old, and he was dominant into his mid 30s. Riggins rushed for 4,530 yards and 62 touchdowns in five seasons, having two 1,000-yard seasons and leading the league in touchdowns twice (including a staggering 24 in 1983 at the age of 34). His finest performance came in Super Bowl XVII, rushing 38 times for 166 yards and a touchdown -- a 43-yard run on fourth-and-1 that gave the Redskins the lead for good and became one of the most iconic plays in NFL history.

Those final five years made Riggins a Hall of Famer, capped with a Super Bowl MVP award and a single-season touchdown record that stood for 12 years.

Graham retired from the NFL after the 1954 season, after the Cleveland Browns crushed the Detroit Lions 56-10 in the NFL Championship Game. Head coach Paul Brown begged Graham to return after his replacement quarterbacks struggled in the 1955 preseason.

Graham returned and had one of his finest seasons at 33 years old, leading the league in completion percentage (53.1), yards per attempt (9.3) and passer rating (94.0), throwing for 1,721 yards and 15 touchdowns as the Browns returned to the NFL Championship Game. He also was the UPI MVP and a First Team All-Pro.

Graham threw for two touchdowns and rushed for two touchdowns as the Browns crushed the Los Angeles Rams 38-14 in the title game. He walked off the field with his seventh pro football championship in his 10 seasons (three in NFL, four in All-American Football Conference) -- making a championship game in all 10 seasons he played professional football.

Not only did Graham leave a champion, but he had the best post-retirement comeback of all time.

Read more:
Rob Gronkowski returns: Ranking the 10 best NFL comebacks out of retirement in history - CBS Sports

The woman had been on medical leave, but rejoined work due to the staff crunch. (Representational)

A head nurse of the Government General and Chest Hospital in Hyderabad died after testing positive from Covid-19. The senior nurse, who was set to retire by the end of June, was admitted to Gandhi Hospital in a critical condition.

Gandhi Hospital's Dr Prabhakar Reddy told ANI, "A head nurse working at Government General and Chest Hospital, was admitted at Gandhi Hospital after she tested positive for Covid-19 and was also a diabetic. Two days back, she was put on the ventilator, but could not recover. She passed away on Friday morning."

Telangana Governor Dr Tamilisai Soundararajan has expressed her condolences over the death. This is for the first time in Hyderabad that a senior nurse has died due to COVID-19 disease.

The woman had been on medical leave, but rejoined work due to the staff crunch. She developed a fever and tested positive for the disease. The woman was posted to a Covid ward and may have have been exposed to the virus, sources said.

Earlier, two staffers in the superintendent's office at Gandhi Hospital also tested positive.

The state on Friday reported 985 new coronaviruscases, taking the overall state tally to 12,349. The state health department informed that out of the total cases, there are 7,436 active cases currently in the state.

As many as 78 patients were discharged on Friday, taking the number of discharged patients to 4,766. With seven deaths due to coronavirusreported in the state on the same day, the number of deaths stood at 237.

Read this article:
Nurse Dies Of Coronavirus In Telangana 4 Days Before Retirement - NDTV

Emmy-winning news anchor Sherry Margolis will sign off next week, ending a run of more than 35 years at WJBK-TV (Channel 2) and giving herself a chance to make up for a lingering regret.

Margolis, a favorite in the newsroom who has worked virtually every shift, currently anchors weekdays at 11 a.m. and 5:30 p.m. Her last day will likely be Tuesday or Wednesday.

Fox 2's Sherry Margolis announced on Wednesday that she is retiring after 35 years as an anchor at the station.(Photo: Sherry Zaslow)

Raised in Buffalo, New York, Margolis was in her last semester of graduate school there when she landed her first reporting job at the local ABC affiliate.

"That's my biggest regret not finishing my degree," she said. "That, and never learning to play the piano ... which maybe I'll do now."

Margolis made the announcement remotely Wednesday during a segment with anchors Huel Perkins and Monica Gayle.

"If not for this damn virus, we would be hugging you right now. But know that you are forever in our hearts," Perkins said.

Margolis, who came to the station as a reporter and anchor in September 1984, told The Detroit News she had planned to retire at the end of 2020.

"With the whole COVID-19 thing and working at home, it just seemed like a good idea to move that up," she said. Margolis has three daughters to visit out of state and an elderly mother still in Buffalo, and "it just felt like the right time."

Perkins, who shared an office and the noon newscast with Margolis when he arrived in Detroit 31 years ago, said he was shocked when he learned of her plans, "but also happy that she's leaving for the best of reasons on her own terms."

"She is so beloved not just by viewers, but also at the station," Perkins said. "Everybody respects her and looks up to her as an example of how we should all conduct our lives."

Along with anchoring newscasts, Margolis has helped craft such special projects as the annual "Tribute to Our Troops" on Veterans Day, the "Holiday Connection" series on impactful community groups, and "Still Standing," a series of profiles of people who have triumphed after tragedy.

Sherry Margolis announced her retirement from Fox 2 on Wednesday after 35 years with the station.(Photo: WJBK-TV)

Margolis experienced a tragedy of her own in February 2012 when her husband, journalist and bestselling author Jeffrey Zaslow, died in an automobile accident on his way back from a book signing in Northern Michigan.

They had met at a party in Orlando, Florida, when she was still working in Buffalo. She was the only newscaster in a roomful of print reporters, and he was being somewhat scathing but funny about TV news.

They reconnected at a wedding three years later, and it was love at second sight.

"Having lost Jeff," Perkins said, she wanted to leave when she still had years to devote to the people she loves.

Margolis' other immediate plans, she said, involve maintaining social distancing and pondering what will come after that need dissipates.

"I think I'd like to write a book," she said, most likely non-fiction. "I'd love to take classes. Consulting. All kinds of things."

Whatever she does, she said, she will do it here. Some retirees might flee to places where winter only lasts a week, but she remembers snow so deep in Buffalo that she crossed parking lots by stepping across the tops of cars.

Michigan weather does not intimidate her, she said and after 3 decades, Detroit holds one of the increasingly crucial warm spots in her heart.

nrubin@detroitnews.com

Twitter: nealrubin_dn

Read or Share this story: https://www.detroitnews.com/story/entertainment/2020/06/24/sherry-margolis-announces-retirement-fox-2/3254239001/

Here is the original post:
Sherry Margolis announces retirement from Fox 2: 'It just felt like the right time' - The Detroit News

Peter Dunn, Special to USA TODAY Published 7:40 a.m. ET April 21, 2020 | Updated 2:59 p.m. ET April 21, 2020

The coronavirus (COVID-19) is impacting the global economy and raising fears of a recession. What causes a recession and what are the signs? USA TODAY

Dear Pete,

I had planned on retiring from my job this October after 42 years in the workforce. But with all this stock market crash and recession stuff, Im not sure I can or should. I live alone, currently bring home $4,100 a month, and I have $452,000 in my 401(k) (even after the crash). I havent filed for social security yet, but Ill receive about $2,500 a month. Ill be 67 when I file. I dont have too many bills, and we only spend about $3,000 a month. I think I can make it work, but Im just nervous about leaving the workforce with all the unknowns.

Robert,

Kansas City

Answer: Your apprehension is understandable. To attempt to retire in one of the most challenging financial environments in a century is undoubtedly harrowing, but based on the situation you described, you might just be the type of person to pull it off without a hitch.

To understand why youre likely to be successful, you first must understand what typically compromises a retirement plan.

Save better, spend better: Money tips and advice delivered right to your inbox. Sign up here

There are four circumstances that will typically ruin a retirement strategy before its even rolled out.

The good news is I dont think youre vulnerable to any of the four culprits.

(Photo: Getty Images)

Retirement and COVID-19: Retirement planning during coronavirus pandemic: Here's what to watch for

Don't downsize: More baby boomers stay in their homes as they reach retirement, skipping downsizing

Becauseyoure older than 65, you wont be forced to come up with an alternative health insurance strategy, which typically puts a strain on the retirement finances of those who retire prior to age 65. This remains a problem until they become eligible for Medicare at 65. Fortunately, youve avoided this very expensive period of time. Additionally, at67 youll be able to claim your full Social Security retirement benefit, as opposed to accepting a reduced amount at a youngerage.

The second circumstance youve avoided is an expensive lifestyle. As it stands now, you only live on about 73% of your take-home pay. Thats phenomenal and is arguably the primary reason you will be able to successfully retire in October. A successful retirement is rarely defined by having a lotof money. Its usually determined by not needing a lot of it. Thats you.

The next factortripping up many retirees is the percentage of money needed from non-fixed income sources. In other words, if your fixed-income sources (Social Security, pension, etc.) arent enough to fully fund your retirement, youd at least like them to be a high percentage of your income. Per your numbers, 83% of your initial retirement income needs will come from a fixed source (Social Security). That means youll only need your assets to fund the remaining 17%, which in your case is $500 a month.

The final circumstance which can ruin a retirement before it begins is the percentage of total assets required to support your lifestyle afteryour working years end. For years, financial experts warned people to not withdraw more than 4% of their total assets, in order to ensure their money will last throughout retirement. That "four percent rule certainly has its flaws, but its still a decent litmus test. By your account, you only need $500 a month from your nest egg, which is only 0.6% of your assets.

Robert, I think you can retire in October, and do so in peace. Between now and then, make sure your 401(k) is properly allocated, and continue to maintain that $3,000-a-month lifestyle. If you havent already, make an appointment with a financial planner sooner rather than later, and they can chart your specific strategy going forward.

Congratulations on creating a sustainable retirement strategy. Your discipline and diligence made it happen. Allow me to be the first to wish you an (early) happy retirement.

Peter Dunn is an author, speaker and radio host, and he has a free podcast: "Million Dollar Plan." Have a question for Pete the Planner? Email him at AskPete@petetheplanner.com. The views and opinions expressed in this column are the authors and do not necessarily reflect those of USA TODAY.

Read or Share this story: https://www.usatoday.com/story/money/2020/04/21/retirement-avoid-4-culprits-can-ruin-your-nest-egg/5169040002/

See original here:
The stock market is crashing and we're in a recession. Can I still retire? - USA TODAY

The question of retirement is typically one that plays out over the long term. Most people have the chance to plan for years, gradually building resources and exploring possibilities before they set a target date for retirement. However, no matter how much you plan, life can throw you a curveball like the sudden outbreak of a pandemic that results in an unprecedented economic shutdown.

For some, this has raised another question: If youre already close to retirement, should you just accelerate your timeline? Its a relevant consideration, given that theres no concrete answer as to when and how the U.S. economy will open back up fully. Unfortunately, there isnt a blanket answer. The factors that play into a decision like this means the answer is different for everyone. Before you move up your retirement in the wake of this crisis, there are certain questions you should ask yourself.

This is perhaps the most crucial question. With the number of new unemployment claims soaring at virtually unprecedented rates, its no secret that a lot of people are out of work. As of April 16, a shocking 22 million Americans had filed unemployment claims in just the previous four weeks.

Related:The 20 Industries That Will Never Be the Same After the Coronavirus

Simply put, if youre one of the people who has been laid off, that puts you in a different situation. If you were five years away from retirement, the process of finding another job you might hold for only a few years could be a bit daunting. If youre still working, its a lot easier to stick to your original plan. But if youve just gotten a pink slip in the sort of career where positions are few and far between, you might take the sudden change as a good reason to reconsider your plans.

Another crucial question to ask: What are your career prospects in your field? Once again, its not an easy one to answer immediately. Few, if any, industries have clear futures right now, so you might not have a sense of how hard finding new work would be. Consider how much impact social distancing will have on your industry. Then look at how many open positions there traditionallyhave been. This should give you a better feel for how difficult it could be to land another job.

If it took you years to find your current job, that is something to consider before leaving prematurely. Likewise, if you work in an industry thats already contracting as times change, you might be on the verge of a forced retirement anyway. Whether youre freshly laid off or confident that youll be able to leave on your own terms, taking the time to understand what sort of work is out there there is an important step in the process.

The ability to work remotely used to be a nice perk. Today, its become a lifeline for some businesses to stay in operation while so many others have had no choice but to shutter until further notice. For someone trying to figure out whether now is the time to retire, which side of the work-from-home fence you landed on is all the more important.

See:26 Highest-Paying Jobs That Let You Work From Home

Clearly, the short-term health of your industry depends on how much work can be done remotely. If you are fortunate enough that you can do your job from home, you might not want to give that up so quickly.

But theres an even more important element at play here, too: your health. Given that most people within five years of retirement are in their late 50s or early 60s, youre in a high-risk group that is more likely to experience potentially deadly COVID-19 complications, and limiting social contact should be at a premium. If youre doing work that puts you around people, moving your retirement plans up a few years could be a prudent decision, even if its a bit tougher for you financially.

Theres no easy way of knowing if your company is heading toward cutbacks, but some people working at small businesses might have a good reason to accelerate retirement to help out their employer. With budgets crunched in ways that never could have been anticipated, plenty of companies are in the process of making some very difficult calculations about what they can and cant afford.

Story continues

If your company is in the process of cutting back resources and your retirement might help keep the business afloat or save a younger coworkers job that could play into your decision. Certainly dont make any assumptions, but if you have the sort of relationship with your boss that allows for an open and honest conversation about this, consider asking about plans for dealing with the crisis and whether your decision to retire could ease the pinch. Dont feel pressure to retire before youre ready, though.

One of the major reasons that people work so hard to prepare for retirement is because deciding to forgo a stable income is a major step. When you dont have a paycheck, all of your expenses come from your savings and investments.

Consider:How To Protect Your Retirement Savings During the Coronavirus Scare

The coronavirus pandemic has thrown a wrench into some income streams. Plenty of pending retirees might have investments in rental properties with tenants no longer able to pay rent in the face of a sudden and unexpected loss of employment. Or, stock dividends might not be nearly as stable as they were when the investment was made. As such, if you have alternate income streams, you should take time to examine how consistent they might be in the coming months.

If you do have a steady source of income, early retirement wouldnt necessarily require tapping into your 401(k) when markets are down. So, if you are confident your other income streams are somewhat reliable, you might be in a better position to shave a few years off of your career.

Of course, the money flowing in is just one half of the equation in retirement. Money flowing out also deserves just as much attention. You already should have a projection on what you expect to spend weekly, monthly and annually in retirement if not, start working it out. Take a look at those projections and ask yourself what you can cut.

Clearly, your retirement is a time to enjoy, but if losing some minor luxuries makes retirement financially possible, its time to reconsider your spending. Take some time to make a few different budgets at different spending levels to see what the end results look like. If reducing spending is an option you can live with, you will have some flexibility to change your plans.

Debt is essentially investing in reverse, and getting yourself out from under any major financial liabilities prior to ending your career should always be a goal whether youre retiring soon or not.

Some types of debt are less of a concern. A mortgage with a fixed (and low) interest rate will have structured, predictable costs that you can plan around. But if you are still sweeping away credit card debt or other high-interest loans, that can significantly hinder your long-term plans. Pushing up your retirement while you still owe money may prove problematic. Make sure you have a clear plan for how you will pay off debt while sustaining your lifestyle.

Another big question is what exactly you plan to do with your retirement. Youve been saving your whole life for this moment. Its worth knowing that your nest egg isnt just going to sustain you but will bring you real happiness in your golden years.

Check Out:16 Real People Affected By the Coronavirus Give Their Best Financial Advice

If all you really want from your retirement is time to enjoy life with family and friends, that potentially will require a lot less in savings. Likewise, if youre planning on having a second career, you dont need to be as concerned about building a large enough 401(k) since you will still have an income.

However, if you want to open that bed and breakfast or start another small business, or if you had thoughts about philanthropy or traveling the world, giving up the last few years of income before you retire might seriously impact those plans.

Having a place already lined up and paid for should be something you seriously consider prior to making any decisions about your retirement. This is even more relevant now as the economic slowdown caused by the pandemic has made the future of the housing market uncertain. Sure, its possible that low interest rates will persist and people with liquid assets like those who might be close to retirement will be able to take advantage of a buyers market. But rolling the dice on that would be a big risk to take.

If you already own your home, you can always wait and see what the market looks like in a year or two. But, if youre renting or in an uncertain living situation, delaying your retirement for a few more years may prove to be the smarter decision.

This is one situation where its impolite not to ask your age. Thats because the size of your Social Security checks depends on how old you are when you begin drawing them. So, while losing a few more years of income from your job is one consideration to moving up your retirement date, the long-term and permanent reduction in your Social Security benefits also should be weighed.

You can begin drawing on your Social Security as early as age 62, but doing so means only getting 70% of the monthly payment you would receive if you waited until full retirement age.

If choosing to retire now means getting a significantly smaller Social Security benefit, youll have to live with that decision for quite a while. So, be sure youve considered how it will impact those monthly checks and how that could affect your finances in the long term.

Just because you decide to retire doesnt mean youll immediately file for your Social Security benefits. If you can end your career now but delay drawing on Social Security until youve reached your maximum benefits, that changes the equation for you. However, if putting off those monthly checks for a few years means having to sell off stocks, you could be robbing Peter to pay Paul.

This is a question that hinges not just on how much you have saved, but what kind of savings it is. If you have a lot of cash stowed away in your checking account and CDs that are maturing in the coming months and years, your assets are more liquid and you have more options. If you can delay drawing Social Security until youve reached your maximum benefits without having to sell off any stocks, the consequences of moving up your retirement plans will be reduced significantly.

You might have read about the need to shift assets in your retirement funds away from stocks and into bonds the closer you get to retirement. Well, if youre five years or less from retirement, the past three months are exactly why that particular piece of advice is so universally acknowledged.

Stock markets are predictable when your time frame is long enough at least 10 years or so but theyre also wildly unpredictable over any single 10-year stretch. If you can wait out the periodic crashes and avoid selling stocks, youre in a good position. But, if too much of your money is tied up in stocks, the need for cash to cover expenses could result in selling at prices well below true value.

If you followed the classic advice by shifting your money into bonds and other stable assets ahead of time, youre probably in decent shape right now. You can focus on selling off other assets while you wait for stock markets to recover, and youll have those assets to draw on later in retirement when theyre back to whole.

If not, the income from your job will be a lot more important over the next five years if for no other reason than it can prevent you from having to sell stocks. As such, moving up your retirement will be much more difficult if you failed to prepare your portfolio.

One basic aspect of the dynamics of the financial markets is that, as often as not, bonds increase in value when stocks are falling. So, while now is the worst time to be selling stocks and buying bonds, its one of the best times to be selling bonds. The Bloomberg Barclays U.S. Aggregate Bond Index is up about 5% on the year while the S&P 500 had plunged more than 13% as of April 16.

Generally speaking, selling bonds before maturity injects a lot more risk into owning them. Whats more, markets could be due for another major plunge or two that will make you wish you had held onto your bond assets.

If you own enough bonds and are comfortable with selling them ahead of maturity, this can allow you to retire a few years early. It also prevents you from selling stocks and, subsequently, hurting your nest egg. Keep in mind that youll probably want to start getting your stock/bond mix back to normal when the markets calm.

Granted, trying to time the market is not, generally speaking, a good idea. But people within five years of retirement and on solid financial footing could consider taking advantage of down markets to make up for lost income from early retirement.

Clearly, buying stocks now is risky; theres no guarantee that markets arent in for another major drop as the crisis continues to unfold. But, the truth is that down markets present an opportunity to buy cheap stocks that could pay off later on.

Look:50 Stocks That Have Suffered the Biggest Losses During the Coronavirus Scare

The long-term view of the stock market is a bit more consistent than the picture you get by focusing on just the past six months. The S&P 500 might swing up and down wildly, but it averages out to an annual return of about 10% a year over its history. Even after a crash as big as the 2008 financial crisis, the losses were recovered over the next five years.

If you have plenty of stable assets and cash on hand, you might take the down market as a chance to make some extra stock investments that you can draw on later in retirement.

The last thing anyone is looking for now is more uncertainty, but the simple fact is theres no sure thing when it comes to retiring early. Only you and your financial advisor really know whether your finances are ready for retirement. For that matter, only you really know if youre ready for your career to end.

So, take the time to review the above questions and see what they tell you about your situation. But ultimately, you matter more than your finances. Consider your nest egg, but also discuss the decision with your loved ones.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: If You Planned To Retire in the Next 5 Years, Should You Just Do It Now?

Read this article:
If You Planned To Retire in the Next 5 Years, Should You Just Do It Now? - Yahoo News

A retired emergency medicine physician who answered the call of the governor and returned to work has a health update of his own.

WGN has been following Dr. Scott Altman, since mid-March. He was eager to jump back into action and help during the COVID-19 crisis. Along the way, hes shared updates from his post at Advocate Christ Medical Center in south suburban Oak Lawn.

Im working down at Christ Hospital in Oak Lawn on their strike team within their command center helping to process admissions, approving the testing for coronavirus because testing is so limited, helping manage patient flow, Altman said.

Then, on April 10, Altman woke up feeling a bit under the weather. He said he had a runny nose, itchy eyes and a cough.

What he thought was a bout with spring allergies, turned out to be the very virus he came out of retirement to help fight.

I had done three shifts that week, but I just felt more tired than I expected and I woke up Saturday morning and there was no question felt like I had been hit by a train, he said. Sore, achy, the worst part was the stomachache. I never had fever, never had much of a cough, never had shortness of breath the usual symptoms they tell you to watch out for.

After two or three days, Altman felt he was out of the woods. However, he said shortly after, the second wave of the sickness came. He said it was worse than the first. He said he was wheezing, coughing and could feel weight and heaviness in his chest.

Its something infectious disease doctors have described as they learn more about how COVI-19 behaves in the body a second wave of symptoms much stronger than the first.

And then yesterday morning, I woke up and it was over. Wow. As easily as I knew, last Saturday morning that I had it. When I woke up yesterday morning, it was gone, he said.

He said while he still had a lack of energy, he didnt have a fever and didnt have difficulty breathing.

The virus did spread throughout his household, but his wife and children are doing well. As he recovers at home, Altman said he hasnt put much thought into his journey from retiree, to someone back on the frontlines, to COVID-19 patient.

Health care workers, this is what we do, he said. We really dont go into health care with a sense that we are immune to what ails our patients.

Health care workers can be cleared to return to work if they are symptom-free after 72 hours. Altman is planning to go back on Wednesday.

LOS ANGELES Chipotle Mexican Grill agreed Tuesday to pay a record $25 million fine to resolve criminal charges that it served tainted food that sickened more than 1,100 people in the U.S. from 2015 to 2018, federal prosecutors said.

The fast food company was charged in Los Angeles federal court with two counts of violating the Food, Drug, and Cosmetic Act by serving adulterated food that sickened diners at its restaurant with norovirus, which causes diarrhea, vomiting and abdominal cramps.

Read the Full Article

MADISON, Wis. Health officials in Wisconsin said they have identified at least seven people who appear to have contracted the coronavirus from participating in the April 7 election, the first such cases following in-person voting that was held despite widespread concern about the public health risks.

The cases involve six voters and one poll worker in Milwaukee, where difficulty finding poll workers forced the city to pare nearly 200 voting locations back to just five, and where voters some in masks, some with no protection were forced to wait in long linesfor hours.

Read the Full Article

CHICAGO Gov. JB Pritzker says testing will increase in nursing homes as COVID-19 cases spread fast in those facilities.

Nearly a quarter of all deaths due to the virus can be traced back to nursing homes or long-term health care facilities in the state, according to state of Illinois numbers.

Read the Full Article

Continue reading here:
Doctor who came out of retirement to help amid COVID-19 pandemic develops illness himself - WGN TV Chicago

Text size

Reta Lancaster worries a lot that she or her husband, Richard, will be stricken by the new coronavirus. But the retired Indianapolis couple havent had a moments worry about paying their bills.

The couple, who spent careers in teaching and nonprofits, proved to themselves during two bear markets since 2000 that a large cash stash and whats known as a bucket strategy would get them through the cruelest of markets. And it seems to be working again during the markets abrupt turn from near record highs to a nearly 35% drop at one point in recent weeks.

We really are feeling fortunate, said the 88-year-old Reta, contrasting her peace of mind with retirees whose savings have been savaged during the coronavirus crisis.

A typical iteration of the Lancasters strategy includes three buckets designed to give retirees long-term growth potential as well as a stash of cash and liquid investments that can be drawn upon for living expenses and as a bulwark from having to sell stocks in a market downturn.

In the first bucket, a retiree typically has at least two years of cash for any expenses no matter what the stock market does.

A second bucket, containing primarily bonds, provides another safeguarda stash to get through a stock-market beating as Treasuries typically act as a haven when equities are tumbling. As time goes on, bond income via interest or through maturity replenishes cash thats been spent from the first bucket.

The third bucket is key: This is where stocks go to provide more long-term growth than bonds or cash, while also potentially yielding cash dividends for use in the first bucket. When a market downturn comes, however, this bucket can be left untouched until stocks rebound.

Christine Benz, director of personal finance for Morningstar, examined the impact of the market tumult on a prototypical bucket strategy in late March. Her conclusion: The third bucket made up of stocks was awful, but that was to be expected. The second bucket of bonds, which are supposed to be relatively safe, had been hit with some worrisome losses.

But investors were pacified by their cash, Benz said. Now is the bucket portfolios time to shine. Its giving people comfort, she said, and keeping people from bailing out of deep losses on the riskier stock investments they will need over time.

Benz contrasts this volatile period with times when stocks are steadily climbing. During long rising markets, Benz said, investors look at stock gains and question why they should keep two years of cash out of stocks and bonds. Some studies have questioned the strategy, too, because sizable cash stashes can deprive retirees of the growth they need to make portfolios last for 20 or 30 years.

Whats more, bonds have provided meager income in recent years and havent always performed as expected during recent downturns. In 2018, bonds were a disappointment and in March, safe Treasuries fell along with stocks at a certain point although they have been cushioning stock losses recently.

The long-held belief that bonds give you a hedge against a fall in stocks is not always true, said Patrick Leary, head of trading for InCapital.

While the bucket approach is used by many financial planners, the design of the buckets varies. Some financial planners in the first bucket want cash to last three years in case a long bear market occurs. Others are satisfied with one year. Advisors differ on investment choices, too: Some stick to federally insured savings accounts and certificates of deposit for cash, while some take on a little more risk with money-market funds and short-term bond funds.

We really are feeling fortunate.

In the second bucket, bonds and bond funds are key because they replenish cash as retirees spend the money they originally had stashed away in bucket one. But there is no universal prescription. Advisors usually pick a mixture of bond types, but some lean toward safe U.S. Treasury bonds and top-quality corporates, while others try to boost income with larger exposures to riskier corporate bonds and small allocations of dividend-paying stocks.

This second bucket has been a particular thorn in recent years for many financial planners, who say they have been struggling to hold relatively safe bonds that will provide enough income to replenish the cash retirees need. Ten-year Treasuries, for instance, were recently yielding around 0.70%, compared with 1.6% early this year.

Yet higher-yielding bondseverything from corporate bonds, to floating rate bank loans, mortgages and municipal bondshave been dicey as the coronavirus crisis has pummeled the economy. For example, the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), lost 21% between March 6 and March 19.

Meanwhile, financial planners say they are sticking with well-diversified portfolios and the security their clients have from large amounts of cash to ride out the coronavirus lockdown.

Most people have 10 or more years to ride out the storm, and during that time money comes to them virtually every month, said Marc Hadley, the Lancasters financial planner.

If this crisis goes on long enough, though, Long Island financial planner Larry Heller said he might need to suggest some clients reduce their spending. That happened in the financial crisis as the market fell 57% and people panicked and demanded an escape from stocks.

Yet retirees appear positioned well and no one has asked him to sell stocks, Heller says. They get a check every month so they dont worry, he said. They can sleep.

Write to us at retirement@barrons.com

Visit link:
This Retirement Strategy Worked Like a Charm When the Stock Market Crashed. Heres Why. - Barron's

IRON MOUNTAIN, Mich. (WLUC) - The IRS says tens of millions Americans will get their coronavirus stimulus checks deposited in their bank accounts.

But for many, financial struggles will continue during the COVID-19 outbreak. As thousands of people aren't working right now, and possibly still waiting for unemployment benefits, finances can be tough, but there is still time.

"Stay on that roller coaster, to get to the final end because time is on your hand at this point, said Stephanie Nocerini, a LPL Financial Advisor.

Thats why financial planner Stephanie Nocerini also recommends to have 3 separate 'pots of money.

"Your first pot of money is the money used to pay your regular bills, she said.

She says the second is your savings account. With everything so uncertain during this time, Nocerini, says saving can be the best thing.

"You need to feel comfortable with the amount of savings that you have. Now, one person's savings account may not be the limit that somebody else's, said Nocerini.

The third pot of money, is the money you can put into retirement, or long-term.

"A contingency fund, where you can maybe invest that money, and know that it could lose value but it could gain value, and that's kind of the money you let time take care of that money, she said.

With everything uncertain, Nocerini wants to remind us, the money market will always go up and down.

"History has shown that this happens there are pullbacks, there are recessions, and there are times in the market where things have to re-balance."

And with stimulus checks coming, she says those may help.

"Some people are going to get this stimulus check, and they are going to have to use their money to pay their rent, pay their mortgage, said Nocerini.

She says if you are set with your bills, to save that money, until the market opens again.

"History has shown that it may take time, to do that, but it has always come back stronger after something like this happens, said Nocerini.

For more tips, visit https://banknib.com/lpl-financial-2/.

Read more here:
Bills, savings and retirement: Having three 'pots' of money can help in tough times - UpperMichigansSource.com