A number of clients have found themselves retired early due to the Covid-19 shutdowns. Here are a few points I have been sharing with my clients:
First off, don’t panic. We have retirement cash flow plans in place, but now we need to reassess the retirement needs.
Second, remember you will be in retirement for many, many years. You will not need all of your money right now.
Third, it does not matter how much has been saved for retirement as how you manage your spending is the bigger part of the equation.
Lastly, we have to be flexible. Once a withdrawal pattern is set in place, remember we may have to adjust the flow up or down depending on circumstances from year to year.
We will get through this with a level head and communication.