When a Changing Economy Forces Early Retirement
Submitted by Bernhardt Wealth Management on June 22nd, 2020When times get tough, it’s not unusual for many of us to start thinking about how to cope with changes in our employment status.
When times get tough, it’s not unusual for many of us to start thinking about how to cope with changes in our employment status. One of the most common bits of counsel that we offer to clients who are investing for long-term growth is to avoid emotional reactions to market movements, either positive or negative. National Hockey League Hall-of-Famer Wayne Gretzky is the all-time scoring leader, with more goals and assists than any other player: 894 regular-season goals and an astounding 1,963 regular-season assists—128 goals and almost a thousand assists more than his nearest competitor. As most Americans know by now, the CARES Act was passed by Congress and signed into law by President Trump on March 27. The largest relief act in US history, the bill contained over $2 trillion in funding aimed at providing financial relief and support for small businesses, individuals, state and local governments, and certain crucial industries. When people are confronted with adversity, opportunity or both, they often react quickly—with the intention of dealing with the situation rapidly and moving forward. It’s not exactly a new word, but “Zoom” has taken on an entirely new meaning since the beginning of the coronavirus pandemic and the widespread stay-at-home orders engendered by public health concerns. As more states and cities continue gradual re-opening and allowing mandatory stay-at-home orders to expire, uncertainties remain for many of us. Is the coronavirus going away? How can I be sure it’s safe to go out in public? Should I wear a face mask? Is it okay to go to a restaurant or have friends come to the house? With gross domestic product (GDP) off 2.4% in the first quarter of 2020 and broad anticipation of perhaps ten times that figure in the second quarter, the U.S. economy already meets the textbook definition of a recession, according to a number of economists.When a Changing Economy Forces Early Retirement
Submitted by Bernhardt Wealth Management on June 22nd, 2020
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