By: Joan Wrolstad, AVP Trust Officer
The COVID-19 pandemic has created a huge amount of economic uncertainty. Many people are unsure of their financial future — so much so that 40% of Americans are afraid they won’t be able to retire because of financial setbacks related to the pandemic. 62% of Americans aged 18 to 29 have some retirement savings, but only 28% percent feel on track for retirement[1].
Feeling uncertainty towards retirement is a scary feeling, what should be a new and exciting chapter can be riddled with doubt of having enough saved to live the type of retirement you’ve always dreamed of. At First Western Bank & Trust we visit with clients to review their portfolios to ensure we are taking on the appropriate level of risk for the level of reward we are seeking. Oftentimes, reducing risk serves your portfolio better! We dive into what your retirement goals are, or what retirement looks like for you and how we can make the portfolio work for you to achieve those goals. Together we can remove the guesswork on if you are ready for retirement and approach your next chapter with confidence.
[1] Source: The Motley Fool