Preparing for retirement in a complex world

The global coronavirus pandemic has caused a wide range of individual reactions: fear, anxiety, frustration, helplessness. But one reaction has been universal: uncertainty.

Parents are concerned about the pandemic’s impact on their children’s health, emotional well-being and education. Small business owners worry about their ability to remain solvent with many COVID restrictions still in place. And workers close to the end of their careers contemplate whether they will still be able to retire on schedule.

It’s natural to look forward to the time when things return to “normal.” But the degree of change COVID-19 has caused is unprecedented. While the coming months may look different than today, they are unlikely to be any simpler. The first step in preparing for a post-pandemic world is to adapt to ongoing complexity. That goes for retirement planning too.

While it may be an unnerving prospect to consider retiring in the midst of a pandemic, there are steps you can take that can help you prepare with confidence.

Focus on the future

It is not clear at this point what long-term impact COVID-19 will have on the global economy and on the markets. But for people close to retirement, waiting for the eventual market correction could mean significantly postponing your plan to retire.

Whether you are approaching retirement or still a few decades away, annuities may be one option to consider as a way to establish retirement income. While they vary in structure, annuities are, in essence, contractual agreements in which payment(s) are made to an insurance company, and the insurer agrees to pay out an income or a lump-sum amount at a later date. In general, they are long-term financial products designed for retirement purposes.

Finding the right annuity for you will depend on how much risk you feel comfortable with, how close you are to retirement, how much you saved relative to what you will need in retirement and your particular set of needs, goals and circumstances overall.

Protect yourself now, and your loved ones later

It’s common to think of life insurance as something that will benefit your loved ones, ensuring their financial security after your death. Certainly, that is the primary purpose and benefit of life insurance, and a great reassurance.

But some types of life insurance can also offer a measure of security and liquidity during your lifetime. Permanent life insurance offers the potential to build a cash reserve you can use for emergencies, as well as for major expenses, such as college, or as an additional source of income in retirement. Keep in mind, though, that loans and withdrawals from a life insurance policy reduce the policy’s cash value and death benefit and increase the chance that the policy may lapse.  

As circumstances like the coronavirus pandemic increase uncertainty, life insurance can offer some stability.

Don’t go it alone

Finding the right financial option for you can be challenging in the best of times and may even. A financial professional can help you think through the right plan for you, based on your lifestyle, your purpose and your finances.


Equitable Advisors Financial Professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI and TN) and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC in CA; Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc. in PR).

GE-4109420.1 (01/2022) (Exp. 01/2024)
























































































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