Important Things to Do for the Second Half of a Very Unusual Year

By Mary Grace Musuneggi

So far for the year 2020 we have been given so many challenges; but at the same time some opportunities.  Although many of us have been taken away from jobs, friends and family, dining out, activities, events and sports; for some we have been given the gift of time while we are under lockdown, quarantine, or what I like to call “house arrest”.

But this has allowed us to clean out closets, redecorate, read those books we never get to read, volunteer for local causes for those not as fortunate as us, and  be grateful for what we have that we often forget or take for granted, in the rush of the everyday.

It is a good time to take the time to ask yourself about your current and future financial situation:

Are you on track for your financial goals?

Are your estate planning documents up to date?

Does our firm, or any financial firm you deal with, have a copy of your Financial Power of Attorney? Do you have a separate and specific Financial Power of Attorney?

Do you have copies of your beneficiary arrangements?

Have you inadvertently taken on more risk as the markets have changed the value of your holdings?

With the changes in the economy, should your asset allocation be adjusted?

Have you had any life changes that warrant changes to your financial plans?

Will changes to your tax situation impact your income planning?

Are you prepared for changes in the economy due to Covin-19?

Do your business strategies need to refocus?

Have there been changes to your job status or benefits?

Should I halt my required minimum distribution this year, following the CARES Act RMD waiver for 2020?

If you are looking for the answers and we can help in any way, give us a call at 412-341-2888 or send us an email.

No matter what the state of the world, in our world, you are our most important priority!