More Baby Boomers are deciding to retire in the pandemic

Pew Research: Close to 30 million baby boomers retired in the third quarter of 2020

More Baby Boomers are deciding to retire in the pandemic
Close to 30 million baby boomers retired in the third quarter of 2020.

RICHMOND, Va. (WWBT) - Close to 30 million baby boomers retired in the third quarter of 2020 according to a recent Pew Research Center analysis. That’s 10% more than the same period in 2019.

Job losses and the pandemic may be to blame according to the finance experts at PARCO. If you retired this year or are about to, now’s the time to take a serious look at your money.

Experts say consider reallocating your asset classes to something a little more conservative.

Look into life insurance. It doesn’t have to be expensive as long as you shop for the best deal through multiple carriers.

Make sure you are set up for guaranteed income.

If you don’t trust the stock market fluctuations, you could take part of that money and buy an annuity that could payout for the rest of your life.

Most of us have 401ks or IRAs. If they are not Roth accounts, that money will be taxed. If you think taxes will go up in later years, you can convert that fund to a Roth, paying taxes on it now as opposed to the future.

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