With the recent ups and downs in the stock market, we’ve heard a lot of concern about the impact of the coronavirus on investment portfolios from our participants who are nearing retirement or are already in their retirement years. While a solid plan is designed to help weather these events, we understand how tempting it is to reconsider your long-term plan, rethinking both anticipated retirement dates and income needs. We’re here to help you navigate these stormy times to keep your portfolio on track to your future goals.
If you’re confident with your financial plans and goals, we encourage you to stick with them; staying the course is often the best approach to weathering downturns in the market.
If you’re concerned, this may be a good time to review your plans with a professional, or at least get answers to your questions. We can work with you to evaluate your long-term financial plan, including income goals, to help you feel more confident through this period of market volatility.
Together, we can:
Re-evaluate your risk tolerance. A properly diversified portfolio can improve the likelihood of achieving your income goals.1 If you have concerns about the amount of risk in your portfolio given market conditions, we can help you modify your asset allocation to align with your comfort level.
Review your income needs. Take a fresh look at your monthly and optional expenses to see if you should adjust your spending plan to stay on track for your financial goals. If you are retired, decide if it makes sense to delay any large discretionary expenses during this period of market uncertainty to preserve your income.
Reassess income options. Having enough sources of guaranteed income2 in your portfolio to cover essential expenses can minimize worry during periods of market volatility. If you feel uncertain about the guaranteed income you may need, we can help you evaluate your asset allocation to make the right decision for you.
Our financial consultants are here to help if you need us; give us a call at 855-200-0155, weekdays, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET).