Keep focused on what you CAN control

There are certain aspects of our financial lives over which we have some control – our career and how long we work, or how much we spend or save.  And there are other aspects which we cannot control, like the ups and downs in the stock market, inflation and interest rates, or foreign leaders suppressing the rights of their own citizens or invading other countries.

No one likes to see the value of what they own go down.  It’s happening to my portfolio too.  But as we’ve written recently and over the years, staying invested during the “downs” and the “ups” in the market is part of long-term investing.  And at some point, the current crises will be something that we look back on in history, like all of the other crises that came before it.

In the meantime, it’s ok to use this time constructively.  We’ve been having conversations on a daily basis with many of you that have nothing to do with portfolios or stocks and bonds.

Some folks who have previously engaged ACM for financial planning have asked to have their retirement cash flow projection re-run. And some, including those who could never seem to make time for it, are asking to run one for the first time.

Lower IRA values can create an ideal opportunity to consider a Roth IRA conversion which, depending on your personal situation, could make a huge difference in the amount of income taxes you pay over your lifetime and the type of legacy assets you leave to your children or other heirs.

Others have inquired to make sure that all of the beneficiary designations on their retirement accounts are in place and correct.  Or to make sure that their individual accounts have a ‘transfer of death’ designation or a power of attorney form on file with their custodian.  Several have called to discuss their estate plan and to ask for a recommendation to an attorney who can draft estate planning documents.

We have had requests to put life insurance protection in place in the event of a loss of a primary wage earners income and some folks finally find themselves with the time to review all of the life insurance contracts that they have accumulated over the years.

This is an easy one to continue to put off when you’re busy and focused elsewhere.

If your home reading this on the “screen” in your hands and you haven’t shopped your homeowners, auto or umbrella insurance in the last few years, then just type it in and search.   Any savings you can achieve to offset rising costs elsewhere in the current environment can only help.

By the way, when was the last time you spoke with your advisor about your plan for long-term care or had your long-term care insurance reviewed?

There is always a lot to consider, but it also doesn’t have to be complicated and it’s ok to address one issue at a time.  We continue to have conversations simply about what to do with any savings or idle cash on hand.  Having a reserve of cash on hand makes weathering normal market volatility a bit easier.

For those of you who can still muster the resolve to focus on what you can control, we don’t want you looking back as if you’ve missed this opportunity to get your other important priorities in order.  It’s still a good time to target those items that have been hanging at the bottom of your priority list.  It can help redirect your energy away from the 24/7 negative news feed into something constructive, and in the long run, you’ll have something positive to take away.

ACM Wealth has the collective wisdom of many talented financial planners and the experience of working for years with clients just like you.  Please call us or email your wealth advisor with any questions you may have.

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