The Setup:
The coronavirus has affected people around the globe and forced us to all change many aspects of our day-to-day lives. Maybe the biggest impact we’ve seen in the US has come on the financial side. The market collapse we’ve seen over such a short period of time is unprecedented and has many people concerned. We turn to Ben for perspective on what we’re seeing and reassurance that retirement planning is a long-term play.
[spp-player url =https://unlockingyourfinancialfuture.podbean.com/mf/play/3phkxm/027_-_BEN_SCHROCK_-_CORONAVIRUS_REACTION.mp3]
Click the timestamps below to skip to a specific topic in the episode.
The Combination and Key Points:
We’ve been talking for some time about how busy and volatile 2020 could be with all of news and events already being discussed, but no one expected to be dealing with a pandemic in the first few months of the year.
But here we are and everyone is having to deal with the coronavirus in their day-to-day lives. As we all try to make adjustments and protect ourselves, we can’t help but see the collapse in the market during this same time period. Speculation and fear have driven markets down significantly and it’s created a lot of worry among investors. That’s especially true for retirees that depend on their retirement accounts for income.
We’ve already been having conversations with our clients about what we’re seeing in the market but we wanted to share that perspective on the podcast as well. This episode of Unlocking Your Financial Future is all about the coronavirus and its impact on the market. Ben will share his feelings about the collapse and provide some perspective for people getting caught up in the minute-by-minute changes.
It’s never easy to experience huge drops in market value but it’s important to remember that this will ultimately pass. So what can you do in the meantime? We’ll talk about the planning process, what we’re talking about with clients, what the future of the market might hold, and other takeaways from this coronavirus fallout.
If you have any concerns or worries, feel free to reach out to our office. We will still be working with clients and potential clients over the phone and through virtual meetings as we do our part to help control the spread of the virus.
Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!
0:48 – Coronavirus news has been changing rapidly.
1:38 – The second week of March was a turning point and Ohio has been out in front of things.
3:16 – Ben hasn’t seen anything like what happened to the market over a week period.
4:26 – What has the conversation been like with clients?
6:10 – Will the volatility last for a while or will we stabilize soon?
7:28 – The market has priced in the virus quite a bit so we might not see a big drop when earnings come.
8:58 – The goal is to position consumers to be ready to spend again once the virus has slowed.
9:46 – Now is the worst time to act emotionally and sell.
10:55 – Looking at your statement and your balance obsessively causes unnecessary panic.
12:15 – What do the interest rate drops mean to investors?
13:33 – Will Ben’s team be working in office or spending more time meeting virtually?
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