How much has the pandemic hurt your retirement plans?

Originally Posted on Toronto Star
By David Aston
February 9, 2021

It’s challenging enough to plan a suitable retirement that fits our personal needs and finances at the same time. Adding in the pandemic to that process has made it more complicated for many: from the unprecedented job loss to being directly affected by COVID-19. 

In this article, we’re looking at how COVID-19 has affected retirement plans through the lenses of two retired couples who were affected by the pandemic. One couple who, for the sake of privacy, we’ll call Deborah and Daryl Burton. They are in their early 70’s and have contracted COVID-19. Although Daryl recovered quickly, Deborah found herself continuing to experience problems with breathing, fatigue and “brain fog”. The Burtons have been retired for about 15 years and the circumstances have changed their routines and priorities.

On the other hand, another couple who are in their late 50s were affected by the pandemic; suddenly finding themselves in a dilemma of turning a job loss into permanent retirement. Although they have made a good amount of savings throughout the years, they weren’t fully ready to start pulling money out. “I needed a financial coach to say ‘you’re going to be fine,’” says Warren, about enlisting Sandi’s help.

With Sandi’s help, both couples were able to prepare spending plans and adjust to better fit their situations.

“Although these two couples experienced the pandemic very differently, both have been able to weather their individual challenges so far by adapting their spending to fit their circumstances and values.”

 

– Sandi Martin

Read the full article to see how the two couples adapted to the changes from the pandemic.

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