Are you checking your investment account far more often since we entered the current crisis? Is retirement near and market turbulence is keeping you up at night? Or, are you recently retired, and second-guessing your plan? Are you holding on to your plan and staying the course?
First of all -- we all need to stay safe and stop the spread; likewise, I think we need to stop the spread of fear. We have some control by doing some good planning. Just like we can wash our hands, wear a mask, and hunker down – we can maintain the disciplined financial plan that we put in place.
For example, as a CERTIFIED FINANCIAL PLANNERTM practitioner, I begin conversations with clients about the importance of having an adequate emergency fund. It’s the foundation for some degree of financial safety. Right now, clients who have good emergency funds are weathering this storm. Sure, everyone is experiencing the rough seas and anxiety, but an emergency funds is a good support system to have.
Similarly, as a Retirement Income Certified Professional®, I talk to clients in or approaching retirement, about having their money invested in time periods: one to two years; three to five; five to 10, and long term. Each time period has a horizon, and a risk tolerance to along with it.
A crisis is not a time to make dramatic changes but having some safe money is important – whether your plan needs a check-up or if you need to look at your timeline, I am here. Please, give a call. We can always have a conversation about planning and investments.