Election Year, Coronavirus, Stock Market Turbulence … OH MY!
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
Licensed Insurance Professional. Respond and learn how financial products, including life insurance and annuities can be used in various planning strategies for retirement.
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This year has been a rollercoaster ride. COVID has dominated the headlines and impacted every aspect of our lives. It has shut down businesses, schools, and workplaces. It’s changed the way we interact and socialize. And of course, it has deeply impacted the economy and the financial markets.
The recovery in the financial markets hit some turbulence in October, as investors wrestled with anxiety about increasing COVID cases. However, a surge in gross domestic product (GDP) in the third quarter may signal that the economy is on the rebound.
Monsters are Lurking in Your Portfolio
covid economic update
Is the pandemic teaching us a lesson about retirement?
The United States set a somber record on Thursday, July 16, 2020, with more than 75,000 new COVID-19 cases. In fact, the U.S. set new single-day COVID-19 records 11 times between June 17 and July 16. Dr. Anthony Fauci predicts the country will soon top over 100,000 new cases each day. 1 COVID-related deaths are also increasing in some states. Florida set its single day record for COVID deaths on July 16, with 156. Nine other states also set single-day death records the same week. 1 The resurgence in coronavirus cases has led some states to enact new measures. More than half of all states now have some kind of mask mandate. California has even rolled back its reopening, closing bars, indoor dining, gyms, and more. 2 What does this mean for the economic recovery? And what does it mean for your financial future? It’s impossible to predict what will happen in the short-term, but knowing where things stand today may help you make important decisions with your strategy.
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