The coronavirus pandemic affected many retirees’ decisions around finances in 2020, whether they postponed spending money on a big overseas vacation or took on additional costs related to healthcare or looking after loved ones.
While it’s always a good habit to review your financial goals at least once a year with a financial advisor, no matter the circumstances, the start of 2021 is an especially important time.
“You want to revisit your financial plan on an ongoing basis—in good times and bad,” says TIAA Chief Planning Strategist Dan Keady, CFP®. “But especially after the tumultuous year we’ve had.”
Keady outlines four financial goals specifically for retirees that you may want to discuss further with your financial advisor in the new year. How you’ve managed through the coronavirus pandemic may impact which ones are the highest priority.
1. Review your guaranteed income to see if adjustments are needed
For retirees, guaranteed income sources, such as Social Security benefits, provide money each month for life that is immune to market fluctuations.