Kiplinger: “Get Your Retirement Back on Course”
Kiplinger, Dec. 26, 2020— “Even the most diligent savers can encounter obstacles on the road to retirement, but the past few months have delivered unprecedented hazards,” writes reporter Sandra Block in today’s issue of Kiplinger.
To help readers come up with a recovery plan, she turned to Marguerita Cheng, CFP®, CEO of Blue Ocean Global Wealth.
“Even if you managed to avoid taking a hardship withdrawal or loan, you may have been forced to stop contributing to your retirement plan, or you may have reduced the amount you sock away,” Rita explains. “As the economy recovers, look for ways to improve your cash flow so you can step up your savings game. While record-low interest rates are causing savers angst, you may be able to generate extra cash by refinancing your mortgage.”
Rita recently helped a couple who are in their late fifties refinance their 30-year mortgage at a 2.5% rate. Lowering their mortgage payment will free up money they can use to increase contributions to their retirement savings and build up their emergency reserves.