{"id":146225,"date":"2021-01-03T02:25:00","date_gmt":"2021-01-02T23:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/4-money-lessons-from-2020-to-help-you-plan-for-a-solid-retirement-in-2021\/"},"modified":"2021-01-03T02:25:00","modified_gmt":"2021-01-02T23:25:00","slug":"4-money-lessons-from-2020-to-help-you-plan-for-a-solid-retirement-in-2021","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/4-money-lessons-from-2020-to-help-you-plan-for-a-solid-retirement-in-2021\/","title":{"rendered":"#\n  4 money lessons from 2020 to help you plan for a solid retirement in 2021"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2782745388b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2782745388b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/4-money-lessons-from-2020-to-help-you-plan-for-a-solid-retirement-in-2021\/#The_pandemic_changed_a_lot_of_things_%E2%80%94_including_retirement\" >The pandemic changed a lot of things \u2014 including retirement<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/4-money-lessons-from-2020-to-help-you-plan-for-a-solid-retirement-in-2021\/#Alessandra_Malito\" >Alessandra Malito<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  4 money lessons from 2020 to help you plan for a solid retirement in 2021<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"The_pandemic_changed_a_lot_of_things_%E2%80%94_including_retirement\"><\/span>\n  The pandemic changed a lot of things \u2014 including retirement<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000115864\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       In 2020, we saw a pandemic cause world-wide city shutdowns, market volatility, deaths, derail plans for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a>, celebrations, family visits and even retirement.\u00a0<\/p>\n<p> Many Americans can agree much of what occurred this past year was unexpected, but there are still lessons to learn from 2020 \u2014 including how to prepare for the future.\u00a0<\/p>\n<div class=\"paywall\">\n       The pandemic itself has changed the way people <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach their lives in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>. Americans are re-evaluating their priorities, finding a fresh start for their finances, and changing the way they work. Loved ones are spending more time talking to each other on the phone or video chat, some people are taking better care of their health and wellness and others are finding meaningful ways to connect and support their local communities.\u00a0<\/p>\n<p>Retirement may have looked a little different this year too. Some people went ahead with their plans to retire this year, while others may have had to hold off for financial reasons. The total impacts of COVID-19 are still unknown, including the impact on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security, income replacement ratios and overall lifestyle in the coming years.\u00a0<\/p>\n<p>Still, there are simple moves and financial resolutions that can be made for the new year. Here are four:\u00a0<\/p>\n<p><strong>See:<\/strong> After one hell of a year \u2014 10 New Year\u2019s resolutions to stay on top of the world in 2021<\/p>\n<p><strong>Have a plan\u00a0<\/strong><\/p>\n<p>Although the events of 2020 completely disrupted some plans this year, having at least an outline of what to do with your money is beneficial. To get organized, have a list of assets and liabilities \u2014 what money you have stashed away in investment portfolios and bank accounts, what debts you owe, any insurance policies you may have \u2014 and update the list relatively frequently.\u00a0<\/p>\n<p>A financial planner can help you create a plan, especially if you have big money goals, such as buying a home, starting a family or funding a lofty retirement. They\u2019ll be able to walk through investing strategies, share assumptions for interest rates and market returns and come up with target savings rates to meet goals, regardless of unexpected events and emergencies.<\/p>\n<p>Not everyone can afford a financial planner, even if they only meet with one to create a plan and do an annual checkup. Others are more interested in the do-it-yourself approach. There are plenty of financial calculators, including one from MarketWatch, to break down what it would take financially to finally retire. These calculators allow you to adjust your assumptions for interest rates and investment returns, too. There are also tools to make sense of when to claim Social Security, in an attempt to maximize the benefit and supplement retirement savings.\u00a0\u00a0<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p><strong>Stick to the plan\u00a0<\/strong><\/p>\n<p>One of the hardest tasks may be staying the course when you have a plan but the stock market is reacting to world-wide chaos. \u201cMarkets will always face volatility,\u201d said Mark Reyes, a financial adviser at Albert, a financial services app. \u201cWe witnessed this.\u201d In March, at the beginning of the pandemic in the U.S., cities were locking down, restaurants were closed and companies were laying off their workers. The stock market dropped in response \u2014 but has since recovered.<\/p>\n<p>\u00a0\u201cStudies show doing nothing and sticking to your plan during downturns yields you better long-term growth,\u201d Reyes said. The alternative, which would be to drastically shift investments or sell part of a portfolio, could actually lose you a significant portion of your nest egg for the future. \u201cRide out the volatility,\u201d Reyes said.\u00a0<\/p>\n<p>There are times when tweaking investment portfolios may make sense, but that would be in extreme circumstances \u2014 such as being only a few years away from retirement and having a portfolio entirely in equities. Even then, investors should not make quick decisions regarding their portfolios.\u00a0<\/p>\n<p>There are various ways to protect your assets, including: not timing the market, knowing your risk tolerance \u2014 the amount of risk you\u2019re actually comfortable with, and having a diversified portfolio, said Nick Holeman, a financial adviser at Betterment. \u201cMarket drops and ups and downs are part of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>,\u201d he said. \u201cYou don\u2019t get returns without risk. Those two things are connected. But by and large, not trying to time the market or making decisions based on short-term predictions is the best way to long-term success.\u201d\u00a0<\/p>\n<p><strong>Also see:<\/strong> Confused about Social Security \u2014 including spousal benefits, claiming strategies and how death and divorce affect your monthly income?\u00a0<\/p>\n<p><strong>Have an emergency fund\u00a0<\/strong><\/p>\n<p>Many Americans across the country were in dire financial situations this year, the reasons include a lost job, reduced wages or contracting the virus \u2014 just to name a few. Not everyone has the ability to save thousands of dollars every year for their future or a comfortable nest egg, but having some sort of emergency reserve could help alleviate the financial stress during a dark time.\u00a0<\/p>\n<p>Some experts, such as Holeman, argue an emergency fund should trump a retirement account in the short-term, even if there\u2019s not much saved for retirement. \u201cEmergency funds come first,\u201d he said. \u201cEven if you\u2019re behind or you feel behind, they should come first.\u201d If workers have access to a workplace retirement account with an employer match, they should try to contribute even a few percentage points of their salaries to the plan so that they take advantage of the match, he said.\u00a0<\/p>\n<p>Those able to save more money can use numerous vehicles to fund their retirement goals. Along with the 401(k) plan, workers can open traditional or Roth individual retirement accounts, a Health Savings Account if accessible for triple-tax benefits regarding health expenses or a brokerage account for general investing.\u00a0<\/p>\n<p><strong>Understand your finances\u00a0<\/strong><\/p>\n<p>Plans are important, but so is reviewing how your daily habits affect your finances. \u201cUnderstanding your finances is one of the most powerful things you can do,\u201d said Kyle Ryan, executive vice president of advisory services at Personal Capital. Along with reviewing your net worth, parse through your credit card and bank statements to see how you use your money. Are you paying more for cable than your friends? Are you using all of the subscriptions charged to your card? Also ask yourself questions, such as if you\u2019re happy with the way you\u2019re spending, or if there are activities or items you\u2019d rather put your money toward. To arrive at your goals, it helps to know where you\u2019re starting. \u201cTake time to understand and evaluate where you are,\u201d Ryan said. \u201cCommit to periodic check-ins.\u201d  <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Alessandra Malito\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Alessandra_Malito\"><\/span>Alessandra Malito<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D1C498B659E6%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# 4 money lessons from 2020 to help you plan for a solid retirement in 2021 &#8221; The pandemic changed a lot of things \u2014 including retirement In 2020, we saw a pandemic cause world-wide city shutdowns, market volatility, deaths, derail plans for travel, celebrations, family visits and even retirement.\u00a0 Many Americans can agree much&#8230;<\/p>\n","protected":false},"author":1,"featured_media":146226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-146225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/146225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=146225"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/146225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/146226"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=146225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=146225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=146225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}