Checklist: Steps to Navigating the Changing Face of Spending and Saving
Has the pandemic nudged you to consider readjusting your financial plan? Consider these tips.
All the trends that have emerged during the coronavirus have implications for the way households—and the advisors who assist them—manage their finances.
Here are eight things to consider if you're looking to reevaluate yours.
1. Set a savings goal for emergency funds based on your own situation.
2. Determine where to hold your emergency funds.
A nonretirement brokerage account is the simplest holding place for short-term cash needs, but other vehicles can also fit the bill.
3. Assess options for healthcare if your employer offers more than one type of coverage.
Factors to consider when determining the best coverage:
6. Determine where you can access funds for healthcare outlays.
7. Understand the trade-offs associated with early retirement and the stresses that may impact the viability of early retirement as a financial plan.
8. Map out a plan for how you will source in-retirement cash flows.
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