Your financial wellbeing is of the utmost importance during challenging times. The current market is a situation we’re monitoring closely, and we want to assure you that this is no different than any other turbulent times we’ve experienced. This, too, shall pass.  

You might be surprised to learn that opportunities exist in this COVID-19 market. While we wait for COVID-19 to pass, there are a few key ways to take advantage of this environment for your financial protection and benefit.   

1. Maintain or maximize IRA and investment contributions. If you can, either maintain your current IRA contributions or consider making additional contributions to IRAs and individual investment accounts. Use this period as an opportunity to better position yourself for long-term financial growth. Now is a great time to increase your contributions and investments, because what you invest now is likely to have a higher value in the future.
2. Consider a Roth IRA conversion. If you have the cash on hand to do so, take advantage of the current tax rate by pursuing a Roth IRA conversion. You can then ensure you’ll benefit from long-term tax savings in retirement, including zero RMDs during your lifetime and leaving tax-free inheritances to your heirs. 
3. Re-examine your cash reserves. Especially if you’re close to retirement, consider your cash reserves. It’s essential to know what you’ll need to maintain your quality of life in retirement and for how long. If you have enough liquidity on hand, you’ll be able to wait out any turbulence before tapping into your portfolio. If not, it’s important to talk with us about maximizing this pre-retirement period so that you’ll be secure.
4. Consider what money means to you. Now is a prime opportunity to evaluate your relationship with your finances. Consider what money means to you and how it is helping you work toward and achieve your goals. You may be shifting to a more conservative mindset, and that may change the role money plays in your life. Perhaps you’re less focused on pursuing financial freedom and now want to guarantee long-term financial security. Your shifting mindset and priorities will be reflected in how we steward your wealth, help you facilitate your goals, and provide counsel that reflects your values. 

The most important thing you can do right now is to stay the course. Making decisions based on anxiety or fear in the short-term can hinder your financial progress, and in turn, damage your financial health for the long-term. Know that COVID-19 will pass, the markets will bounce back, and if you can find a way to take advantage of some of the silver linings, you could be in a better position than where you started.  

In the meantime, we’re here for you. If there is anything you require of us during this time, please do not hesitate to let us know. Whether you need advice or support, have questions about the financial impacts of COVID-19, or want to talk through your concerns, we’re available. Please email us or call either our Pittsburgh office at 412-781-7100 or Greensburg at 724-836-7001 to be directed to a member of our team.