11 Steps to Keep Your Retirement Plan On Track

Revisit what’s most important to you and create clarity as you review your current financial plan and investments.

Focus on Your Financial Plan in the Tumult Being Caused by COVID-19

With virtually all major market indexes around the world down significantly over the last couple of weeks, and with market volatility and anxiety being amplified by fast-changing events, we wanted to share our thoughts regarding market conditions as we perceive them.

Wealth Management Quarterly Market Update: April 2020

Equity markets have declined significantly, and more alarmingly, they have done so in extremely rapid fashion. In fact, the recent market contraction is the quickest on record, with an almost 34% decline in under five weeks.

FINANCIAL PLANNING

Things to Consider

  • How to feel confident that you can live the life you have planned for
  • Actions to be taken to keep your plan on track to whatever your financial goals might be
  • Planning opportunities to consider in the wake of the economic downturn

The roller coaster ride the markets have been on for the last several weeks has left us all feeling a bit queasy. As the market remains volatile, you are not alone in asking yourself if your financial plan and investments are still on track to fulfill the plans you have made. Here are some things to help you take the needed next steps to have the answers you are seeking:

How to feel confident that you can live the life you have planned for

We’re living in a world of unprecedented economic uncertainty and market volatility, one which has tested the viability of even the most carefully crafted financial plan. In times like this, it’s natural to worry about your ability to live the life you have imagined. The one retiring on a beach or continuing to lead the business you’ve built from the ground up or even just transitioning to a work-optional lifestyle. Now more than ever the process of financial planning becomes more important than the plan itself. Now is the time to revisit your plan (or build it if you don’t yet have one) to regain clarity about the path forward and to stay on track to living the life you have imagined.

Actions to be taken to keep your plan on track to whatever your financial goals might be

Many people are wondering what they can do to keep or get their plan back on track given the latest market and economic downturn. Is there a way to defer expenses this year to avoid freeing up cash while the markets are down? What can I do to continue to retire at 62? Should you cut back on spending for this year to keep your plan on track? Start by taking a look at your projected income, including sources outside of your investments, including Social Security benefits and pensions. Then evaluate what you had planned for your expenses, including taxes and Medicare premiums. You may discover areas in your planned budget where you can trim while the markets recover. The silver lining in all of this is that there are things that can be done—including in many situations, nothing—to keep your plan on track.

Planning opportunities to consider in the wake of the economic downturn caused by COVID-19

The changes made to our daily living over the past month have naturally put most people in a reactionary stance. As things begin to settle, we will hopefully find ourselves having the time to think some things through in a more proactive way. This can include how you approach your financial plan. Does it make sense to accelerate Roth conversions given depressed account values? Should you be repositioning your portfolio to become more tax efficient? Maybe now is the time to actually build out a financial plan, if you don’t already have one. Take time in the coming weeks to revisit or build your financial to help protect against the risks that lie ahead, and to capitalize on any planning opportunities that might be relevant to your situation.

Whatever your questions, we can help provide clarity for you and give you the information you need to enable you to pivot from worry and stress to having a roadmap for your future.

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11 Steps to Keep Your Retirement Plan On Track

Revisit what’s most important to you and create clarity as you review your current financial plan and investments.

Focus on Your Financial Plan in the Tumult Being Caused by COVID-19

With virtually all major market indexes around the world down significantly over the last couple of weeks, and with market volatility and anxiety being amplified by fast-changing events, we wanted to share our thoughts regarding market conditions as we perceive them.

Wealth Management Quarterly Market Update: April 2020

Equity markets have declined significantly, and more alarmingly, they have done so in extremely rapid fashion. In fact, the recent market contraction is the quickest on record, with an almost 34% decline in under five weeks.