Strategic Wealth Designers: Making sense out of the chaos

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Jordan Schwartz financial advisor of Strategic Wealth Designers joined KDVR to talk about what the economy does after over forty million have lost their job.  Schwartz  said, “We are dealing with a situation that isn’t matched in history, 08’ didn’t look like this during the financial crisis and 01’ after the terror attacks was a totally different context as well, no one alive really understands an unemployment rate like we are seeing right now.” Wallstreet bounced back in May being up over 4% for the month but he says his financial planning firm expects a pull back again as a re-open has moved slow to this point in most states.

For those looking for safer options in their retirement accounts amidst the economic instability and riots across the country, Schwartz notes there is good news on that front.  He said asset allocation is key for those looking at their portfolios right now, especially for those laid off. Investing strategy varies greatly by age, those younger may have a great opportunity to buy some stocks for their portfolio that are considerably down right now if they have some liquid capital whereas those who are in or near retirement should consider removing some of that risk in their portfolio in such a volatile time, especially when the election is coming up and markets have historically been very choppy during election cycles.

If you have unfortunately been laid off from your position and you held a 401K or 403B retirement account or something similar, Schwartz said it’s key to not leave that at the company that let you go.  “When you are working for the company you are getting growth and often a nice match from the employer as well, the moment they let you go, that account becomes dormant and a dormant account retirement account is going to hamper your retirement goals.”  Generally retirement plans like 401k’s have limited options inside those accounts that an employee can choose from but once the account can be rolled over into an IRA or ROTH IRA the employee then has unlimited options as to how they wish to invest their assets.  To see more Money Matters segments visit KDVR.com/Money

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