Baby Boomers Delaying Retirement Because of COVID Pandemic

One in four baby boomers say they are postponing retirement because of the COVID-19 pandemic and the uncertainty it adds to their investment portfolio, reports FOX59 . "Their investments are a hodge-podge of assets accumulated of 20 or 30 years but there really isn't a sound financial planning strategy in place," says Strategic Wealth Designers adviser Mike Reeves. "We see clients all the time who come in with a bunch of statements but they really don't know if their investments are working together and what kind of safety nets are in place to protect against the huge crash like we saw in early March." Many boomers are anxious that not only are their assets volatile, but that a full Social Security benefit will be unavailable to them. Reeves recommends that they compose a financial plan that makes Social Security an add-on bonus rather than an imperative for everyday life. "Social Security is a great additional piece of an investment portfolio but it has to act in a supporting role and not as the main character," he explains. "Build your investment portfolio by putting back at least 10 percent of what you make every month, take advantage of company matches in your 401K, and build a robust financial plan that will endure every worst-case scenario that could arise, just like what has happened in 2020."