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Mixed messages have been abounding from the coronavirus pandemic Good news arrived when the Colorado opened restaurants, parks and tourist areas again but we also have negative headlines of cases going up and states like Arizona pulling back on what businesses can be open, Colorado do announced Bars must close again just yesterday. Dr. Fauci yesterday said in front of Congress that unless greater social distancing efforts are enacted, the United States could see an average of over 100,000 new cases each day. To bring clarity to what that means for a financial portfolio, Jordan Schwartz independent financial planning advisor of Strategic Wealth Designers joined KDVR in the Morning. He says the while the disease is handled on a state by state basis your financial assets should be positioned so they can whether any crisis the world would face over the course of your lifetime.
“Colorado so far has gotten pretty good scores on the handling of the virus but has been a little slower than many states to get things reopened. With the national cases picking up it could give the markets some pause on their rally,” Schwartz says. “We are not out of the woods for your investment portfolio and back on the bull-run by any stretch of the imagination.”
Dr. Fauci who has worked with Vice President Mike Pence as a lead on the coronavirus task force continues to caution consumers about their social distancing habits and if not heeded could lead to severe spikes in case numbers. The V-shaped recovery that the stock market has been experiencing could quickly turn into a W-shaped recovery. Schwartz says if you haven’t already, it’s imperative that you get your retirement assets positioned with safety nets to deal with a potential second drop.
“Tesla’s at an all-time high, Amazon’s at an all-time high, some stocks have really bounced back, but if you are in or nearing retirement and your investments are shooting up and down 10, 20 or even 30% over a matter of a few weeks, you can’t afford that kind of risk,” Schwartz said. “Some of our viewers could have to add a year or two years onto their retirement date if they don’t have their financial asset allocation structured properly.”
To do that, Jordan says you need to talk with a professional financial advisor, especially in this landscape. Getting a financial plan down on paper that you can follow will provide peace of mind in a time where many things seem uncertain. “It’s not too late to start financial planning, maybe you’re 5 years removed from school, start a financial plan, maybe you’re 5 years from retirement, start a retirement plan,” Schwartz says. “No matter what, talk with a wealth management expert and get moving, take the risk of the unknown from the stock market out of your worries in life, there’s enough negatives to deal — worrying about your financial savings being protected shouldn’t be one of them.”