Retirees are facing a 'perfect, imperfect storm.' But even in a down market, there are ways to find growth opportunities, find income and trim excess.
The COVID-19 pandemic has been hard on older adults both physically and financially. Just as many people took unplanned, early retirements, they were then hit by a cratering stock market and surging inflation.
Gilliland also said that retirees need to ensure that money will be there when they need it. Working with a financial adviser can help and potentially give you more peace of mind and flexibility for life’s hiccups.Gilliland encourages clients to take an approach that’s adaptable when necessary to get through hard times, allows for opportunities for growth and ensures that money will be there when they need it.
For retirees who have already started Social Security, there will be a large cost of living increase in the new year of 8.7%, the biggest increase in four decades.The Employee Benefit Research Institute found that seven out of 10 retirees report Social Security is their major source of income.
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