Do you feel like your world just changed overnight with the coronavirus? How about your portfolio and your financial situation? Today we’ll discuss the fallout in the market and what it means to retirement planning.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
Very quickly, our lives have all been changed due to the impact of coronavirus. So, what does this mean for us in the short-term and what does it mean over time when considering your financial plan?
Social distancing is a new thing we’re all learning how to navigate with the unprecedented response to coronavirus. Whether you are working with an advisor now or not, there’s amazing things we can do now in terms of telecommunication.
How long this new norm will last, nobody knows for sure. How about the market–will that bounce back? What financial concerns are most prevalent? What strategies have been most effective or impacted by the market volatility right now?
Is it only the coronavirus that is causing the current market volatility? Oil prices are down significantly right now, but what’s the impact on the industry? How about with the travel industry? Or the restaurant industry?
Most importantly, what should our reaction be right now? Don’t make a knee-jerk reaction with your investments! This is uncharted territory, but we need to stay calm. Talk to your advisor (remember, you can call or videoconference) to review your plan.
Listen to the full episode or click on the timestamps below to hear a specific segment.
3:54 – The market has dropped, but will it bounce back fast?
6:45 – What are Phil’s clients concerned about
7:50 – What strategies does Phil recommend implementing?
9:17 – Are bonds a safer bet right now?
10:54 – Every situation is different, so how do you position yourself for this?
12:55 – Did the oil trade war carry as much weight as the coronavirus in the market?
15:20 – What can we do now?
A Quotable Moment: