Without question, your physical health and well-being as well as the health and well-being of your loved ones is a top priority during this global pandemic. Knowing and following the safety protocols are important to maintain safety, such as frequently washing hands and observing social distancing. If your health is already compromised, you have to take extra precautions.
As we navigate through this coronavirus, your financial well-being is certainly not your top priority. It definitely must take a seat below physical well-being. In the midst of the current economic uncertainty and turmoil, it is important to have financial priorities. Truth is your financial well-being may require that you establish new priorities.
Ways To Help Ease Financial Anxiety
One thing that could help to ease your financial anxiety is to revisit your wealth plan with your professional wealth manager or financial planner. You can schedule a virtual meeting, or you may even be able to accomplish your goals with a phone call. Even if you have a solid plan, depending on your asset allocation, you should be prepared for your net worth to take a hit. But as long as you stay invested, it doesn’t become a realized loss until you sell. So if you can, hold firm.
If you are retired or nearing retirement it might be a good time to conduct a retirement income check-up and revisit spending priorities. Having a liquidity plan that includes access to a line of credit could be a vital safety net.
Revisit Your Estate Plan
With so many of us stuck at home with time on our hands, current market conditions also present a perfect opportunity to revisit your estate plans. Pull out your will, trust, power of attorney, health care directives and review you beneficiary designations to see if there are any needed changes. Keep in mind that health care directives are needed for young adults as well. Even though the majority of COVID-19 deaths have occurred among the elderly, there have been deaths in younger age groups. The truth is that we know little about this virus and doctors are seeing it show up in different ways among different ages.
Revisit Life And Disability Insurance Policies
You’ll want to make sure your life and disability insurance policies still meet your needs. This is a neglected area of financial health and it might be time to repurpose.
Don’t Let Fear Undo Years Of Thoughtful Planning
These are unquestionably unsettling and challenging times. These are the times that try men’s souls (and women’s). Reacting out of fear can undo years of thoughtful planning. Remember, the decisions you make today will impact your long-term financial planning goals. Your financial advisor is the best sounding board and can help guide you through the turbulence. And remember, you’re definitely not alone.
Stay safe. Stay well. Protect your health and the health of your loved ones. That’s the most important goal at the moment. If I can help ease your anxiety by reviewing your financial plans as it relates to the current circumstances, give me a call.