Sun. May 22nd, 2022

BOWLING GREEN, Ky. (WBKO) – One Bowling Green financial expert says it’s time to start planning for your future.

Financial expert Tony Walker explains, with all the uncertainty of the pandemic, you need to have cash set aside.

“I always recommend make sure you have three to six months minimum of savings of what we call after tax–that you could get that money out really quickly,” says Walker.

That’s the first step before you start saving for retirement. Walker says, when looking for retirement plans, many go for the 401(k), but as a financial adviser, he recommends a Roth IRA in this climate. You can visit Tony Walker Financial for more information on retirement.

“With a ROTH, you do have to pay the taxes up front, but then overtime as the account grows, when you go to take the money out, the amount you put in plus all of the earnings is completely tax free.”

With a 401(k), you’ll be taxed at the rate when you withdraw, which Walker says they’re predicting to be higher. However, not everyone has the option for either.

“Many people have had to dip into their 401(k) because of the pandemic,” Walker admits.

One of those people is Allen County resident Samantha del Valle who once had retirement funds and now has nothing. The last time 13 News spoke with the del Valle family, they were struggling to make ends meet without unemployment.

Samantha withdrew a bit from her 401(k) to pay her kids’ tuition, trying to leave aside what she could.

“But by November, we had withdrawn every penny,” she says dejectedly.

It was months before the unemployment came through, just in time to pay the necessities but, “you know, I’m like 49 and now I have no retirement, so I’m really not super happy about that.”

Now all the money left over stays out of their retirement fund just in case things go south again. The del Valle’s say they don’t know how smooth their next unemployment claim will go, so they’re setting it aside and assuming it’ll be rough. If it’s not, they say they’ll put in back in their retirement fund if they can.

Despite losing their retirement, Samantha says they’re luckier than many, and now they’ll start over.

Copyright 2021 WBKO. All rights reserved.

By senior

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