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Why Your Retirement Savings Plan Must Be Revisited

The COVID-19 pandemic sent everyone’s finances into a tizzy. While the global economy has recovered tremendously since the global crisis, people continue to face significant obstacles in getting their savings back on track.

Bank interest rates and the stock market continue to be turbulent. This may inevitably affect your retirement portfolio as well, which is why the need of the hour is to take proactive steps to soften COVID-19’s impact on it.

We asked a few experts at some of the most awaited international finance events for retirement planning tips and this is what they recommended:

Get your basics in order

It is critical that you take a good look at your existing financial strategy to ensure that they actually meet your retirement goals. If you haven’t already, now is the time to start budgeting and keeping aside at least 20% of your income, specifically for savings. Build a savings fund that can keep you financially well-protected for at least the next six months, should any emergencies or life changes come your way. Tighten your financial safety net!

In addition to this, it is essential to study your existing health and life insurance plans again to make sure that it covers the essentials. If it doesn’t cater to the changing global health scenario, get in touch with your insurance provider to discuss your options. Such safeguards will prepare you and also help you save more money in the long run.

Assess your evolving needs and wants

Consumer needs and market expectations changed drastically, courtesy of the COVID-19 pandemic. With many also working from home, spending went down substantially. Have you factored in all these changes into your savings and retirement plans?

Diverting your disposable income towards investment options could bring you attractive returns. At the same time, people have also reconsidered their living arrangements — moving from bigger, metropolitan cities to smaller suburbs. If you are one of them, it would be appropriate to reconsider your nest egg savings depending on your changing needs.

Be patient

Don’t let the ups and downs of the market stress you out! The day-to-day market changes may seem overwhelming; however, it’s important not to panic. With the market stabilizing, pool your investments into rock-solid avenues and take your risk levels into consideration before making the jump.

If you have doubts about whether you are saving enough for the golden years of your life, do not hesitate to reach out to financial experts and wealth managers who can help you build a comprehensive plan for financial safety and stability post retirement.

Would you like to learn more about how you can boost your financial health and keep your assets well protected during these volatile times? Learn the tricks and tips of money experts and analysts at our upcoming finance conference — the Money 2.0 Conference. This is your chance to pick up market insights, get introduced to emerging markets, and know more about how you can maximize returns while managing risk like a pro.

01/04/2022 - 07:03
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Author Name
Vinayak Joshi
Author Bio

Vinayak Joshi is an integral part of the Money 2.0 Conference team who is curious about the world of finance. With a keen interest in cybersecurity, internet financial fraud detection, scam investigation, and digital forensics, his passion lies in helping people traverse the internet securely. A self-declared anti-spam and phishing expert, when Vinayak is not working, he loves to read crime fiction, write, and play basketball.