As the pandemic and the shutdown continue to affect our lives, our communities, and the economy, the team at Hansen’s Advisory is ever more aware of how we can be helpful to our clients and colleagues during this time. Eras like this often serve as a catalyst and result in many of us reevaluating different aspects of our lives. Some of these things are related to your financial plan and investment portfolio, even though it might not seem obvious that they’re connected.
Here are a few examples of things you might be thinking about, and how we could help.
- Retiring soon, or sooner than you planned: With health implications of returning to work at the forefront of our minds, and with the financial situation of employers changing, many people are thinking about retiring this year or moving up their plans for retirement. You might be wondering if this is an option for you. We can look at your retirement accounts that you have with us and with your employer, pension options, social security, and other savings and work with you to create or update your financial plan. This will help to inform your decision about what retirement might look like for you. We would also discuss options about rolling over your employer-sponsored retirement plan to an IRA in your name, and investing it in a socially responsible portfolio that meets your values.
- Pushing out retirement: As a result of the pandemic and its effect on the stock market, some of us might decide to delay retirement. If you’re nervous about retiring during a downturn, we would look at or create a financial plan to help you to see if you can still retire as planned, or if waiting might be an appropriate option.
- Switching jobs: Many of us have lost our jobs during the pandemic, or made a decision to leave a position and start a new one. Times like these often have us rethink our careers, or help us to realize we have a passion for a different profession than the one we were in. If you find yourself starting a new job, we can help you to roll over your old retirement plan to an IRA into a socially responsible portfolio that meets your values.
- Realizing the need for a will: One thing we encourage our clients to do is have a will, health care proxy, and power of attorney. During this pandemic, the importance of doing so only became more clear. We never know what might come our way, and it’s important to make sure we have these things sorted out so we’re prepared in the event we might need them. Please contact us if you’d like our list of recommended estate attorneys who could help you with these important preparations.
- Realizing the need for more or different life insurance: Much like estate planning, the importance of life insurance has become more clear. If something were to happen to us or to our loved ones, we want to make sure that the people that rely on us are taken care of. We can evaluate your need for life insurance, and go over with you the different options that are available to you. People are often surprised to find out how affordable life insurance is. It’s an easy thing to put off, but it is essential to an estate plan and to the future welfare of our families.
If you or any of your friends and family are finding themselves in any of the scenarios we just described, please let us know. We talk a lot about Socially Responsible Investing, but having a sound and well thought out financial plan is what allows our families and our personal economies to be sustainable. We all need to be thinking about retirement planning, estate planning and life insurance, and then build into that plan a portfolio that meets our values.
– The Team at Hansen’s