Just in case you have had your head in the sand for the last month (which may be the safest place, actually!), let’s review the trifecta of issues that are currently making 2020 a one-of-a-kind year.
We all knew 2020 was slated to be a contentious election year. No matter where you are on the political spectrum if you remember what 2016 was like, making a conscious decision to not talk politics on Facebook or at family get-togethers for the rest of the year might be a good relationship-saving move.
The wild card that we didn’t see coming was the Coronavirus. The new virus, which was detected in China at the end of 2019, has spread across the globe. Health officials and governments started out talking to the public about “containment,” but the conversation has moved to “mitigation,” as the world grapples with quarantines and vaccines.
As the Coronavirus spreads, its effects have spread through the stock market. Oil and travel stocks have been hit hard as travel has been restricted and more and more people are staying home. Concerts, sporting events, weddings, vacations and business travel have all ground to a halt.
So, what is a retiree or pre-retiree to do during trying times? We all know that when it comes to elections, pandemics and a topsy-turvy stock market, that these events WILL happen. There is no question “if” these events will happen. Warren Buffet, known for his pity comments that bring us back to the basics when the market sours: Predicting rain doesn’t count, building the ark does.
With that advice, now might be a good time to ask yourself how you can continue to build a stable financial ark for your retirement income plan. What are your future financial plans to help when the waters feel choppy and you start to get seasick?
Let DRStrategies help you in today’s uncertain world despite elections, viruses, and stock market risk. With successful strategies, where risk should never dictate your retirement income plan, let us help you build a stronger ark.
Our team of private licensed professionals would love to talk with you about a protection plan that will include your specific goals for retirement. We can build you a customized retirement income strategy that will be managed for not “if”, but when that Tsunami hits.
Michele Diamond
Diamond Retirement Strategies
www.DRStrategies.com
480-636-7735