Will Covid Cancel Retirement?

Not only has the Covid pandemic cost millions of Americans their jobs, businesses, and more importantly for some their lives! The virus is also going to have an affect on the future, or more specifically: retirement. A new survey shows that half of those with incomes over $100,000 are now afraid they will never be able to retire. The lockdowns and the losses have been devastating, forcing too many to go through their savings or even their 401k's. So what do we do now? Michael Smith, President of STA Wealth Management told KTRH "I would definitely tell people to start with a budget. And right now, do not overspend, no matter how tempting it may be." Smith also says you can still plan for retirement. It just might be delayed a few years, and so make plans to continue working a little bit longer. The hope is, once the vaccine kicks in, the economy will bounce back, and those plans will get back on track.