How to Retire Well During Difficult Times

When the financial environment is challenging (like now), it’s important to plan ahead and avoid some all-too-common retirement mistakes.

Happy retirees float on rafts in a pool.
(Image credit: Getty Images)

Older workers and retirees are understandably concerned about the impact the COVID-19 pandemic, and the resulting economic uncertainty, could have on their retirement.

Of course, those who made a point of planning for a financial slump – knowing it’s never a matter of if, but when a market downturn might happen – are generally in a better position than those who did not. This is why experienced financial advisers repeatedly (maybe even obnoxiously) urge their clients to be prepared for multiple economic crises during what is likely to be a long retirement.

But if you aren’t sure where you stand given this current crisis or how you’ll fare in the future, there are several strategies you can still adopt to protect your retirement income going forward.

Here are tips for avoiding or overcoming five common retirement mistakes in this challenging financial environment … or at any time.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Rick Barnett, Certified Estate Planning Professional
Founder & CEO, Barnett Financial and Tax

Rick Barnett is president and founder of Barnett Financial & Tax, a one-stop financial hub for clients in Michigan and beyond. He hosts the "Barnett Financial Hour" radio show and often serves as a source on local TV news stations. His professional designations include Certified Estate Planning Professional (CEPP), Masters of Estate Preservation (MEP) and Christian Financial Consultant and Advisor (CFCA).