Retirement Resources President and Investment Advisor, Dave Boike cautions readers to exercise patience, particularly those who are still working and contributing to a retirement or 401k plan.
Auburn Hills, MI — March 31, 2020— Dave Boike, President of Retirement Resources and co-author of The Ultimate Success Guide with Brian Tracy, published a new article on the company website entitled, “How The Pandemic Is Likely To Affect Your Retirement Plan,” in which Mr. Boike clearly knows that no one really knows how this situation is going to unfold.
Boike writes, “So, as I feared, March madness has been cancelled, along with all professional sports events, Broadway shows, and each day there are more closures and reports of travel restrictions. A pandemic has been officially declared.” He continues adding, “This is a new one for all of us. We will get through it.” He states, “Right now we are getting hit hard economically. And we don’t know when the punching will end.”
As Boike points out, “My position is as it has always been. Sit tight. Take all of the recommended safety precautions. And know that ‘this too shall pass’.”
According to Boike, “In a recent New York Times piece, readers who are still working are wondering if they should keep contributing to their 401k. That, in my opinion,” says Boike, “is a bit premature since we don’t know how long this situation is going to last.” He continues to elaborate, “With the warm weather on its way and the end of flu season, it’s impossible to know just how long this is going to drag on. We do know that it will taper off and come to an end, eventually. We can hope that the end comes sooner rather than later.”
“Back to the question,” says Boike, “should you continue contributing to your 401k or keep your cash on hand?” “According to the New York Times piece,” he adds, “the answer is: “Absolutely not!” As the article goes on to say, “Market crashes are nauseating, especially if you are young and have not experienced one. They are frightening. And no one can say for sure when the market will stabilize. But time is in your favor.” https://www.nytimes.com/2020/03/12/business/coronavirus-401k-contributions.html
As Boike points out, “In all of life, patience is a virtue. In times like these, patience is a prerequisite. We will get through this historic time.”
Read the entire article at https://www.theretirementresource.org/single-post/2020/03/19/How-The-Pandemic-Is-Likely-To-Affect-Your-Retirement-Plan
About Dave Boike
Dave is a well-known financial educator, co-author of The Ultimate Success Guide with Brian Tracy, author of High Tide and contributing author of 21st Century Wealth. For over 30 years, Dave has been teaching investors age 55+ how to preserve their assets, increase their income, and reduce income taxes. He has taught Retirement Planning Classes at Michigan State University, Wayne State University and Oakland Community College.
For over 4 years, Dave was featured on NBC25 every weeknight at 6PM, discussing the daily market wrap-up. Many area retirees have used Dave’s advice to enjoy a financially independent retirement.
Dave is a Chartered Financial Consultant, a designation awarded only to the most experienced advisors who have completed a 10-course program of study, through the American College in Pennsylvania, focusing on Tax, Investment, Risk Management, Retirement and Estate Planning. He is an approved Member of the International Association of Registered Financial Planners, the Society of Financial Service Professionals. As a strong advocate of education, Dave recently spoke at The Michigan Association of CPA’s and is teaching a class at Oakland Community College.
Dave’s latest book, High Tide, A Practical Guide for Affluent Retirees to Protect, Profit and Prosper from the Coming Storm, talks specifically on the important challenges retirees are facing today and some new cutting-edge solutions to address those challenges. He teaches you in this easy to read book how to take the steps necessary to achieve your successful retirement.
Dave is Managing Member and Chief Compliance Officer of Retirement Resources, LLC, a Registered Investment Advisory Firm. Every year, since 2011, Retirement Resources has been awarded the 5 Star Wealth Manager of Michigan, which is only given to the top 7% of advisory firms.