Lasting Pandemic-Related Market Risks and Your Retirement
The pandemic and resulting economic shifts have drastically changed not only the general economic landscape, but your retirement landscape as well.
Federal Financial Assistance
Population-wide government payouts in a scale unseen before, in effort to combat economic downturn, heightened inflation and caused new problems for Americans both working and in retirement, with price hikes hurting everyone’s bottom line from corporate productions to individuals’ groceries and gas.
Downshifts in the Global Economy
Generally speaking, the world has been in a phase of economic growth for the last several years as operations have expanded across the globe with new technologies. This enduring period of world-wide economic growth has begun to decline in addition to more countries turning their backs on open trade, with possibilities of industry cut-offs to select countries by industry giants like China becoming more likely.
Workforce Hindrances
Layoffs and other pandemic-related concerns caused a massive workforce downturn in the US and abroad, and the aftershocks are still being felt as the workforce is yet to fully recover. In addition to job-loss as well as personnel-loss to fill available positions, inflation has led to buying power remaining low as workers’ raises and salaries continue to lose their value when compared to heightened inflation rates.
The Conclusion
As our nation and the rest of the world’s economic situation continues to be precarious and unpredictable, and as inflation threatens the longevity of the savings accrued by retirees and future retirees, careful financial planning becomes more and more pertinent. Developing a comprehensive retirement plan that protects your assets and considers a plethora of angles and possible outcomes will leave you better-protected than winging your decisions based on emotions and headlines.
To schedule a complimentary financial review with Moore’s Wealth Management, click here or call our office at 770-535-5000, where a staff-member is awaiting your call Monday through Friday, 9AM to 5PM.
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