The Game Plan
With so much going on with coronavirus, climbing under the covers and hoping everything works itself out might sound appealing. You could be doing yourself a disservice though in the long-run. On this episode of the Retirement Playbook podcast, Dale shares several ways and examples of how you can continue to make financial decisions and work toward your retirement goals.
Is now the time to put your 401(k) on hold amidst market volatility? Dale shares about a few clients who came in and had a different goal in mind with that money. For most people, now is a great opportunity to buy low. It’s important to keep your financial plan in place, but a retirement plan is not a set it and forget it kind of document. Make sure there is flexibility to think outside the box and listen to your advisor about various opportunities.
Have you been meaning to go see an advisor for months but wonder if you still just put it off again until things settle down? Right now advisors can still meet in a social distance friendly way. Even though the market is more volatile now, you might get a sense of peace and accomplishment after getting that financial plan in place. Then, it can always be revisited again in six months.
If 2020 was supposed to be the year you retire, is that automatically on hold? Have you checked with your advisor and run the numbers? Perhaps it isn’t the celebratory retirement you had in mind, but it’s possible that you could still retire this year depending on your situation.
Feeling too scared to look at your accounts? You might be better off than you thought. Having a well allocated portfolio will help. If it is bad, you’ll need to figure out the right steps to take next.
The X’s & O’s
Check out the timestamps below to skip around to specific topics on the show.
[1:03] – What is the latest response to the financial side of the response to coronavirus?
[2:57] – Should you stop putting money into your 401(k) during this market volatility?
[6:44] – Is it still worth meeting with an advisor now?
[10:31] – Does this year’s retirement plan have to be put on hold?
[12:32] – Are you scared to look at your accounts?