March Madness is usually known for basketball tournament time, and the theme for this time of the year is ‘survive and advance’. Unfortunately, this year the Coronavirus has stolen the show and taken over March Madness. However, the theme remains the same for your retirement plan – you have to survive and advance during these difficult times.
Your first objective is to survive. Your retirement plan has to be able to survive the volatility and severe downturns in the market. It also has to survive congressional law changes, tax law changes, economic changes and many other threats to your nest egg that can have major impacts on your overall plan.
Unfortunately though, you cannot stop at just surviving. You also have to continue to advance your retirement plan as well. You need to continue to grow your money to battle longevity, inflation and the increasing costs to live. You also need to become more tax efficient to protect yourself from increasing tax rates in the future.
There is no tournament in basketball this year, but there is definitely one for your retirement plan. To learn some very important things that you need to be doing now to help your retirement plan survive this current economic situation, as well as how to actually improve and advance your retirement plan, feel free to reach out to us. We will also inform you how this current economic environment has created some very unique and timely opportunities that you can actually take advantage of to make your retirement plan much better and stronger going forward. Visit The Prepare Institute website and find an upcoming education retirement course in your area.
Content is for educational and informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should contact your retirement and tax professional before utilizing any of the information in this article.