With coronavirus spreading across the globe, hopefully you’re staying safe and you’ve been able to stock up (or at least find) hand sanitizer and disinfectant wipes. Even toilet paper and bottled water are being rationed in many stores. Nobody really knows the extent or duration of this pandemic so it’s prudent to be prepared.
Things are happening at such a dizzying rate that it’s hard to even stay focused on what to do next, so we want to remind you to keep an eye on your future as well.
Specifically, what’s happening with your retirement savings? Have you even had the courage to check your balances recently? The stock market has been on such a stomach-churning ride that it’s understandable if you haven’t. Spoiler alert: the news isn’t good.😟
Everyone’s hoping once this worldwide illness runs its course things will quickly bounce back to normal. But what if that doesn’t happen? Do you have a Plan B if you’re close to retirement and your nest egg experiences a slower than expected recovery?
We’re acutely concerned for all of you who are facing this uncertainty because of what we experienced in 2008 with the Great Recession. After losing our jobs and most of our investment portfolio while watching the value of our home plummet by two-thirds almost overnight, we vividly remember the empty promises that “relief is on the way.”
Didn’t happen. Our careers were over and that house is still not worth what we paid for it 14 years ago. Granted, the circumstances behind this current meltdown are totally different, but the results are eerily similar.
Everything fell apart for us so fast that we had no Plan B. Things had been going so well that it never occurred to us that we needed one.
But once it became obvious that our future was in free fall and we were about to be swept away into economic oblivion, we quit wringing our hands and got busy deciding the best course of action to save ourselves.
You know the rest of the story. And our unexpected happy ending by moving abroad inspired our decision to create Retirement Reimagined! We’re aware that so many Baby Boomers are financially unprepared for retirement, and we believe it’s our duty to:
1) present a viable, outside-the-box alternative that doesn’t involve becoming destitute or working for the rest of your life, and
2) guide you every step of the way if you choose to explore this option.
So, yes, take every precaution to protect yourself and your family during this current crisis. Follow safety recommendations. Gather a 2-week supply of the essential items you’ll need to be comfortable staying at home - your safest place - during a pandemic. But don’t stop there.
We urge you to not be complacent about your future by simply hoping it’s all going to be OK. Take responsibility for your life, get proactive, and formulate a Plan B because, let’s face it, no one knows how this is gonna turn out.
We’re ready to help if our Plan B makes sense for you.