From playful mental illness to total real and treacherous chaos, yes, that is what this month has become. From the annual harmless insanity of watching endless college basketball games to wondering if there will ever be college basketball again, we have entered into completely unknown territory with the outbreak of the Coronavirus. And the stock market is plummeting into chaos right along with everything else.
Even if you have a conservative retirement plan, portfolio and long-term financial plan, chances are you’re going to be feeling a little bit of an effect from the global coronavirus epidemic. However, your conservatism is going to serve you much better in this market than if you were taking risks and had the majority of your money in the stock market. In fact, we do not recommended that you put all your retirement money in the Stock Market. We believe in a diversified approach to retirement investing allocating between Short, Mid, and Long-term financial vehicles based on our clients’ goals and concerns. Our clients whom heeded our advice are doing fine
The stock market took the hardest hit in its history, yes, bigger than Black Friday October 19th, 1987, on February 28th of this year. We have no idea how this situation is going to correct, nor do we know when. The best I can offer is to sit tight, take the precautions that the health experts are offering and thank your lucky stars you don’t have your money in the market.
For those of you who have your retirement funds in the market, my prayers and best wishes go out to you. Once this mayhem is over, you may want to discuss a less risky approach to planning for retirement. If you do, give me a call.
And for everyone, regardless of where you have your retirement funds, let’s hope we’ll have some good college basketball soon to distract us at least momentarily from the mayhem.