Now may be great time to review your financial planSubmitted by S. R. Schill & Associates on May 5th, 2020
The Covid-19 event has unfortunately resulted in significant job losses on a scale not seen since the Great Depression. For many people facing a crisis like this, they may think financial planning must take a back seat to finding a job. Ironically, this may now be the best time for someone in this situation to work with an experienced financial planner to update or create a financial plan. A good comprehensive financial plan can be of significant benefit in a number of ways: 1) defining current asset and resource inventories; 2) assessing income requirements to meet the high priority goals; 3) assessing risks associated with new career decisions and investment strategies. A financial plan review can also be very helpful in consolidating multiple retirement plan accounts (such as 401Ks, 403Bs, VIPs) held with previous employers. The process of consolidating these types of accounts can lead to better management of those assets and better investment performance.