TODAY at 11: Saving for retirement during the pandemic

Published: Oct. 27, 2020 at 11:28 AM CDT
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JACKSON, Miss. (WLBT) - Have you started saving for retirement?

Whether you’re employed or laid off, there are some options available to you.

If you’ve been laid off, Nancy Lottridge-Anderson, president of New Perspectives Financial Solutions, said you can pull back on your current contributions and make it up later.

She also said there is financial relief available through the CARES Act that allows people to pull up to $100,000 from their retirement savings this year and spread out the taxes over 3 years.

However, she said it’s best to go forward with that as a last resort.

If you’re laid off, Anderson suggests rolling over an employer plan to an IRA to make it more flexible.

If you’re employed, she suggests reviewing your contributions and increasing them to the maximum amount.

Younger professionals aren’t out of the woods with retirement savings, she suggests getting started now so they won’t have to do more work to save when they’re approaching retirement.

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