The Setup:

As we begin the third month of the health crisis, Ben gives us an update on what he’s seen from the market in recent weeks, the provisions of the CARES Act clients are paying attention to, and what he thinks about volatility moving forward.

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Click the timestamps below to skip to a specific topic in the episode.

The Combination and Key Points: 

As we move into the month of May, we wanted to begin with an update on what’s happening in regards to the markets and finance stemming from the coronavirus health crisis.

The changes haven’t been huge from month to month but the CARES Act contains a number of provisions that are important to individuals. The first being retirement account withdrawals without paying a penalty. Ben will explain this further and explain a few of the details that you need to know before doing anything. This particular provision isn’t one our clients have been bringing to us much but it can provide relief for anyone that might be struggling through this crisis.

The change that we feel is more significant is the required minimum distributions being waved for 2020. This is one that will definitely impact your planning if you’re in a position to start taking them so let’s discuss this as well. You always want to have a plan in place before you make any decision so talking to a financial professional before you act is highly recommended.

And what about the markets? March brought rapid drops across the board and we’ve seen some bounce back since, but volatility continues to be the norm. Swings of 3-5% both ways don’t even make you bat an eye anymore. Will this continue for a while? We’ll get Ben’s opinion on that as well.

Regardless of where you stand in this health crisis, BA Schrock Financial Group is available to help you sort through the changes or make adjustments to your plan to put you in a positive position when this is all over. Feel free to reach out to us and set up a time to meet virtually. In the meantime, stay safe Ohio.

3:40 – Everything we’re doing is still virtual right now.

4:16 – Will clients be more inclined to meet virtually after this is all done?

4:55 – Other businesses might end up changing operations as well.

6:06 – Update us on what you’ve seen over the last month from the market.

7:34 – Ben explains what the VIX measurement is.

8:06 – What adjustments are being made to plans right now?

10:30 – The CARES Act allowing people to pull money out of retirement accounts without penalty.

12:02 – Are many clients considering this option right now?

12:48 – RMDs being waved for 2020 and this is a big deal for our clients.

13:55 – Do you expect any other individual relief to come down?

15:04 – Ben’s team is actively communicating with clients as things change. 

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!


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