Most people have times when short-term expenses take priority over long-term goals such as saving for retirement. Whatever the reason — job loss, illness or change in family status are a few — reassess your financial picture once you’re settled and get back on track as soon as you can.
Life events can get in the way of saving, especially for those long-term goals. Whether you’re early in your career or experienced, saving for retirement sometimes takes a back seat to more pressing financial needs.
Even if you’ve been regularly saving for retirement, an unexpected job loss or illness may mean you decide to put your long-term savings on hold. Creating an action plan is a good way to make sure your pause is temporary. Set a date when you’d like to re-start your savings and do your best to meet it.
If you interrupted your retirement savings, you may be worried about the future — and rightly so. Take a careful and realistic look at how much money you’ll need in retirement and adjust if you need to. You may want to consider working with a professional investment advisor for guidance, especially if you’re nearing retirement.
