LOS ANGELES - Financial expert Winnie Sun offered tips to those approaching retirement during the COVID-19 pandemic.
The coronavirus pandemic has left many Americans feeling financially insecure and as a result, those who were planning to retire within the next year or two may have to postpone their plans.
“You may have to postpone retirement if a good portion of your 401K, IRA rollover, or investment is in the market. We’ve seen a lot of our claims and retirement assets are down 20 to 30 percent so that could really impact your retirement,” she said.
Sun also said there’s a lot one can do to make extra cash at home on websites like Freelancer.com.
Forbes also recommends other websites such as FlexJobs, Remotive, FreeUp, Boldy, Remote.co, Outsourcely, We Work Remotely, Dice, Textbroker, and Remote Jobs Club.
In addition, the online course industry is seeing an uptick in viewership. The courses allow workers to sharpen their skills or even the ability to learn new ones.
Courses are also available with a subscription on LinkedIn Learning.
Those approaching retirement may even want to consider selling their homes. However, Sun said many of her clients do not want to leave their homes.
In that case, Sun recommends those looking to retire in the near future to consider renting out a room for those who may have an extra room or two.
Another option is to consider selling unwanted items on eBay.
“Think about what you can live without that can bring you extra income,” Sun suggested.
As part of the CARES Act, which is part of the Stimulus Relief Package, there is an option to borrow up to $100,000 from your 401K or IRA. However, you must pay back those funds within three years without facing penalties.
“Only do this as a last-minute emergency,” she advised.