Areas COVID-19 May Have Impacted Your Financial Life
E. Todd Fowler, September 8, 2020.
To say the least, everyday life in Butler County Ohio, and around the Globe has changed in 2020. The spread of COVID-19 has caused every one of us to rethink nearly every part of our lives. How we communicate with others, how we greet others, how we educate our children are just a few of the dramatic and life-changing ways COVID-19 has impacted everyday life. With that in mind, this may be the right time to reevaluate your financial life. Here are three areas to consider.
Has your income changed? Some people have seen a dramatic increase in their income while many others have seen a dramatic reduction in their income. If you have seen an increase; have you budgeted for the surplus? This could be the right time to reduce debt or increase savings. Are you one of the millions of Americans who have been laid off? This is the time to reevaluate your budget. Eliminating non-essential expenses could help reduce some of the shortfalls. Additionally, it may benefit you to explore all assistance the local, state, and federal governments have established to help with the economic impact of COVID-19. It is not an easy time. Take advantage of every opportunity afforded to you.
COVID-19 caused many to rethink their retirement timeline. With the opportunity to work from home or for that matter, work from any safe internet connection, retirement could look much different for many. Talk with your current employer about working remotely part of the time. Employers have become more flexible when it comes to retaining good employees and allowing them to have a flexible schedule. Another benefit of delaying retirement is the increase in social security benefits. In most cases, the longer you delay your social security income, the larger your monthly income will be. Also, in many cases, the longer you delay using your individual retirement account, your 401 (k), or other retirement funds and savings the better. Delaying withdrawals may help your account grow and be available for later in your life.
Health Insurance Reviews?
Plans change, personal health matters change, prescription drugs change, and networks change. With all the potential changes in mind, reviewing your coverage at least once a year makes sense. As American society continues to age and our healthcare costs skyrocket, our health insurance planning becomes an especially important component to financial security. With the open enrollment for the Affordable Care Act and the Annual enrollment period for Medicare coverage, most Americans have an opportunity to review their coverage and make changes.
About the Author
E. Todd Fowler is a Financial Adviser and Funeral Director in Butler County, Ohio. He enjoys writing about topics that impact baby boomers and generation x. Topics such as financial matters, healthcare, technology, travel, and aging. He also enjoys exploring and writing about the history and current events in Butler County Ohio. He advises individuals in the areas of investment management, retirement income planning, Medicare health coverage, estate and final wishes planning. He may be reached by calling 513-887-PLAN (7526) or email email@example.com.
Advisory Services Offered through Creative Financial Designs, Inc., Registered Investment Adviser. Fowler Financial Group is not owned or controlled by CFD companies. Please note we cannot accept email or telephone voice mail message instructions for the purchase or sale of any security. Securities offered through CFD Investments, Inc. Registered Broker/Dealer, Member FINRA & SIPC.