How The Events of 2020 May Be Impacting Your Retirement
By Adam Goodman
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Who is This For?
Many struggle with change. When it comes to retirement planning and investing a lot has changed in a short period of time. Market volatility is relatively high, interest rates are relatively low
- Has your desires changed at all in 2020 as far as what you want or need your money to do for you?
- Are you wondering what changes if any are right for you?
- Are there any unaddressed planning areas that you would like to make improvements in if possible?
- Want to learn a simple & comprehensive retirement planning process?
If you answered YES to one or more of these questions then this is for you!
What You Will Learn
1. 2020 Benefits & Rules
With the 2020 Health Pandemic and governments shutting down economies for varying lengths of times, there are programs, waivers and policy changes in 2020 that weren’t available before, and may not be available after. Don’t miss an opportunity that only applies in 2020 if it would be advantageous for you.
2. Increased Stock Market Volatility
Risk management is always important, often scrutinized when markets have periods of large declines. If March 2020 was more uncomfortable than you would like, revisiting how your money’s invested and perhaps alternative financial solutions may make sense.
3. Lower Interest Rates
This impacts the growth of conservative investments and savings options. Traditional options like bond funds or CD’s appear less attractive than usual. We see attractive options available through structured notes and indexed insurance, often categories individuals aren’t as familiar with.
4. Possible Higher Future Taxes
Focusing on things we can control such as how our savings and investments are working today and into the future from a tax perspective may be more relevant now than previously.
Recent changes have occurred, and many people expect due to 2020 events, tax rates could be higher in the future. Often we see tax reduction opportunities available to individuals in or near retirement, and for those planning 10+ years out for retirement, positioning more retirement money’s to be tax-free is often attractive, and even more so given the events of 2020.
5. Your Margin of Error is Likely to be Smaller in the Future
Given issues 2,3 and 4 as well as if financial hardship was experienced due to 2020 events, many people may have to adjust their financial plan. Adjusting growth assumptions, retirement income assumptions, being prepared for taxes having a bigger impact in the future, perhaps having to adjust when they can retire as well as do they have the right types of protections in place along the way.
If one or more of those issues apply, making optimal decisions, not missing opportunities that we can control may be extremely important, and for individuals not well versed in the financial planning, the risk and investment management world, having a knowledgeable professional advise and guide them may be more important and beneficial now than ever before.