Could COVID-19 change our lives forever? Undoubtedly so. The viral outbreak has absolutely upended our lives. With the stock market meltdown that began on February 20, 2020 and panicked headlines dominating the news, the financial confidence of many Americans was shaken as unprecedented measures began to unfold. While some uncertainties may lie ahead, you might be wondering where does it leave you with regard to retirement planning. Here are two big questions that may be keeping you up at night:
1. Should I be concerned about the market volatility? Investing in an ever-changing environment can evoke many emotions. While stock market woes can make you anxious and wanting to sell, remember the fundamental principle that you should buy low and sell high. And now may not be the time to sell. Many opportunities may lie ahead of you. So, tune out the noise and let us do all of the work. We’ll continue monitoring the situation and will keep you apprised of any relevant developments.
2. What should I do about my 401(k)? The memes you may have seen on social media couldn’t have said it better: don’t touch your face–or your 401(k). The best move you can do now may be no move at all. If you have a well diversified portfolio, you should be able to ride out the wave. If it would lessen your worries, we’d be more than happy to revisit your investment strategy.
COVID-19 has pervaded the minds of many. If you’re retired, or nearing retirement, we understand that this could be a particularly stressful time.