Retirement Plan Services

Staying focused on your future

You may be wondering what the recent market volatility means for you personally, and for your retirement accounts.

The ups and downs of the market can be stressful for all of us saving for retirement, and the recent dips can feel overwhelming – but it’s important to remember that we’ve been here before, and we’ve managed. Historically, every downturn has been followed by a recovery. That’s why it’s important to consider the big picture when saving for retirement.
 

Jamie Ohl
Jamie Ohl on staying the course

Our Retirement Plan Services team is committed to helping the 1.5 million plan participants we serve stay the course and focus on their long-term goals for retirement. We sat down with Jamie Ohl, president of Retirement Plan Services, to get tips on how to help weather the storm.

Watch the video

    

What do you tell retirement savers considering moving money out of their plans?

Retirement should be viewed as a marathon, not a sprint. With market downturns, savers may be tempted to move money out of plans or withdraw assets. However, it’s key not to hit the panic button. It helps to understand how compounding works in your favor as well as the potential tax implications you may face and how a withdrawal could negatively impact your bottom line. While the market may change dramatically in one day or one week, saving for retirement is done over years and decades, and should be based on a long-term strategy. Learn more about navigating market volatility.

What should you do if you have questions about what's happening in the market, and your retirement savings?

First, you can consult a financial professional. A trusted professional can help you look at your financial situation holistically, answer your tough questions, and help strengthen your financial know-how. If you don’t have access to a financial professional, you can reach out to your plan provider. Some providers such as Lincoln Financial offer retirement consultants who can meet with you virtually to discuss market volatility and its impact on your retirement savings. Finally, you can use online tools designed to support you and help you make the most of your retirement plan. Take advantage of the tools and calculators available on LincolnFinancial.com.

As a retirement saver, what’s the most important thing to focus on during these times?

Beyond health, family, and friends, it’s important to focus on the future. It can be difficult but think long-term. While the market may change dramatically in one day or one week, saving for retirement is done over years and decades, and should be based on a long-term strategy.

While there has been a lot of bad news over the past several months in the financial markets, downturns are a normal part of the market cycle, and we’ve managed through them before. We’ve seen major market disruptions in the past, and ultimately, they’ve always been followed by a rebound. Remember to stay the course and focus on your long-term goals.


New York Executive Order No. 202.13

What if I am impacted by COVID-19 and need additional time to exercise contractual rights within my annuity contract?

New York Governor, Andrew Cuomo, issued an Executive Order that impacts life insurance policies and annuities issued in New York for those contract holders who have experienced a financial hardship as a result of this COVID-19 pandemic. In addition, the New York Department of Financial Services (DFS) also published emergency regulations providing relief to certain contract holders impacted by COVID-19. Please check the DFS website for updates.

The Executive Order modifies the New York Insurance Law to provide contract holders with an additional 90 days to exercise rights or benefits under their annuity contract if they are unable to timely exercise those rights and benefits as a result of COVID-19.

A copy of the Executive Order and regulations can be found at:

In the event that you believe this may affect your ability to exercise certain rights under your annuity contract, or if you have questions about how this may relate to your annuity contract in general, please contact your Lincoln representative, or call the Lincoln Customer Contact Center, Monday through Friday, from 8:00 a.m. to 8:00 p.m. ET. Applicable Customer Contact Center toll-free numbers may be found here.