Helpful Reminders during COVID-19 Economic Volatility

We live in a world of uncertainty; this is not new. We cannot predict what will happen today, let alone tomorrow. As the world currently experiences the Coronavirus pandemic (COVID-19) here in the year 2020, we are all experiencing difficult times. Whether this includes loss of work, our children out of school and at-home virtual learning, loved ones being diagnosed with COVID-19; the list goes on and on. All of these can affect us in either a positive or negative manner. One thing that may be positive is how you react to your 403(b) or 457 account being affected by the volatile changes in the current market. Remember, COVID-19 is not the first pandemic to hit the country, let alone the world. Here are some reminders to keep in mind during this trying time:

• Be patient – Even though the market may hit a new low, it may increase tomorrow or later, as the economy recovers. Remember, it was mentioned earlier that we cannot predict what will happen tomorrow. The market may reach an all-new high in the near future. Please be patient.
• Evaluate your current set up – Review your current retirement contributions and evaluate if you are in line with your specific personal retirement goals. Research how your funds are being invested and consult your financial advisor to review your current situation.
• Focus on the future – Focus on your future goals, both personally and financially. Make a plan for the future, both in a time of economic down-turn and in a time of economic excellence.
• Review your retirement date, especially if it is approaching quickly – Reviewing your timeline will help you to plan your retirement, delaying if needed, but mainly receive the most benefit from your retirement account that you have accumulated throughout your career.
• Do not make irrational decisions in an uncertain time – Steer away from panic. Reviewing your retirement account daily may create more panic in this already uncertain time. Retirement accounts are a long-term investment.
• Build a cash reserve – This may be a personal savings account that will be more readily accessible than your current 403(b) retirement account and is always great for future unexpected situations.
• You are not alone – We are all in this together. Be kind, be vigilant, be prepared. Lean on others and their knowledge and expertise.

We cannot predict what will happen in the future to our retirement accounts, personal lives, or the world. What we can do is prepare as much as possible. Prepare yourself for an unexpected time. Prepare your family and loved ones.

If you wish to seek further advice or need specific financial guidance during this time of the COVID-19 pandemic, please consult your trusted financial advisor. National Benefit Services does not provide financial advice, including making decisions on the information above. The above list gives only ideas and may not be appropriate for everyone. As NBS is your TPA, our highest priority is the health and safety of our personal, clients, vendors, partners and community.  With our advanced technology, we anticipate continuing our business as usual. Please consult your NBS Relationship Manager if you have any questions. We wish you and your loved ones the very best during this difficult time we are all experiencing.