Job loss is one of those life events that packs a whammy, both financially and emotionally. When it happens unexpectedly, many are ill prepared for the sudden changes it brings. Unexpected events often trigger concerns in people regarding their finances. This is especially true due to the COVID-19 epidemic. With the demise of over 73,000 small businesses in the United States since March, many are having to reassess their retirement options.
Job loss is what happened to a local couple who had just moved to the Winchester, Virginia area. They are in their mid-50s and one of them had a pension plan through their employer. The employer shut down the pension plan due to the COVID-19 fallout on businesses. Not only do the couple have to deal with the shock of the loss of income, but they now have to decide what to do with their pension plan. Because of their age this has triggered questions about their finances going forward. Questions such as “should we plan for retirement?” and “should we find a financial planner and have him advise us on what to do?” Of course, the answer to both is yes and yes. Planning for retirement is a must, especially as we grow older. Seeking out a professional financial planner for guidance will help.
The initial shock of losing a job can lead to a knee jerk reaction or decision that can impact financial stability for years. However, this creates an opportunity to take a step back and reflect on your current needs, life goals, and aspirations. Instead of reacting, look into what you can do. Like in the example above, consulting with Clawson & Pelerin provided this couple with a review of their finances and a plan going forward to not only help them through the job loss but prepare for their financial future.
With John Clawson, a Certified Financial Planner™ professional in Winchester Virginia, you too can take a fresh new look at your options. What Clawson & Pelerin can do to help with financial planning in this case is:
- Define assets
- Define income
- Define future income
- Determine how to fill in the gaps
A financial advisor can help you look at expenses today, what they could be in the future, and help you determine the best path for you to have what you need to live the life you want. Once you do this, you and your financial consultant can then determine what products, what strategies, and what investments are needed to make it happen.
Don’t let the loss of a job lock you into a financial situation that is not your best option. Use this opportunity to gain greater control over your financial future and emotional well-being!
Contact John Clawson Today
To schedule a complimentary, no obligation, financial review and discuss your retirement options contact John Clawson today. His vast experience and knowledge, as well as compassion is the greatest asset at your disposal in any financial situation.