Are you worried about your financial plan?

Are you worried about how the coronavirus pandemic impacted your financial future? It is time to REVIEW, REVISE, and REFOCUS to gain a sense of clarity and control over your financial life.  

1. Review: Sit down with your financial advisor to review your financial plan. Find out exactly where you stand and how 2020 might have changed your financial situation. Then decide where to go from here. Do you need to adjust your spending, investing strategies or retirement plan? It is mid-year 2021 so it is a good time to check-in and see where things stand and make adjustments as necessary.
2. Revise: Revision may or may not be necessary to your financial plan. Review your financial goals and double check if you were affected by the pandemic in 2020 to decide if your financial plan needs changing. Your financial advisor can also help you decide on your retirement-timing concerns.
3. Refocus: After the year we had in 2020, it is easy to get emotional and make rash decisions. Instead, plan for the long-term and don’t make decisions based on a snapshot of what is happening in the markets at this moment. Take some time to reflect on how your priorities may or may not have changed after the pandemic. For example, maybe you learned from the pandemic that you are content with less luxuries such as dining out or vacations. 

After reviewing your financial plan with your advisor, you may find that it simply needs a little fine-tuning to bring it back on track. Keep in mind that even small changes now can have a great impact on your financial future. For more information or to talk to a financial professional, please reach out to Traditions Wealth Advisors at Brien@traditionswealthadvisors.com Sarah@traditionswealthadvisors.com or 979-694-9100.

Source: Rosener, Jason. 16 June 2020. Goldman Sachs. https://www.goldmanpfm.com/investment-blog/worried-about-your-financial-plan-3-ways-to-help-maintain-perspective