On The Agenda:

As the pandemic spreads across the country, it’s getting more and more difficult to find someone not affected, emotionally or financially, by coronavirus fallout. 

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Episode Show Notes:

The market has shown some signs of bouncing back as March came to a close, but we’re still down around 30% with some companies down significantly more. Those sharp declines have led to many investors losing quite a bit of value in their retirement accounts, and that can cause a lot of worry. 

We’ve been talking with our clients about this downturn but this is also the time where you can confidently rely on the plan you’ve built with your advisor. Now that we’ve seen what could be the worst of the selloff, it’s important to evaluate where you are and figure out your next steps. 

On this episode of How Money Works, Craig and Jennifer will address this unprecedented time we’re living in and discuss the considerations you should be making as we move through this. Hopefully these are all things you took care of before things went south, but this is still an opportunity to prepare yourself for the next downturn when it happens again.

So we’ll talk about a few key aspects of your financial plan that you need to address now and also take you through that planning process. What are the things we talk with clients about? How do we determine your income needs? Are you still in a good position if taxes go up significantly over time? 

These are just some of the questions we’ll answer on this first episode of the podcast discussing coronavirus fallout. We would have liked to start on a more positive topic but we’ll get back to that point eventually. In the meantime, take care of your portfolio and protect the money you have until this clears.

Thanks for listening to this episode. We’ll be back again next week for another show.

Important Points:

0:36 – How are Craig and Jennifer doing through all of this?

2:50 – Let’s talk about the coronavirus and the market. 

3:36 – Emergency fund – here’s what we recommend

4:57 – How are you allocated? Does it match your risk tolerance?

7:06 – How long does it take to recover your losses?

8:16 – Why investing is like football. 

9:32 – If you’ve never built a plan, it’s essential to do so. 

10:20 – Here’s the process for developing your plan. 

12:31 – What if tax rates go up? This is a serious consideration with this latest stimulus package. 

14:55 – We also look at Social Security and current portfolios with clients. 

15:56 – What wisdom would Craig give someone that’s deciding what to do with their portfolio right now?

18:54 – How to contact us if you want to get a second opinion on your plan. 

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