What does Don predict for the new year? How can we prepare our financial plan appropriately for what may come in the future? Let’s talk about some areas that need attention in 2021.
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As much as we were ready for a fresh new start as soon as the clock struck midnight and we began 2021, there’s still a long way to go until life goes back to normal. What things are most prevalent so far in 2021? How should you plan accordingly?
COVID is still a part of our lives, which means many of us will need to take a test to rule it out at some point. Don shares a bit of his family’s experience with rapid in-home tests kits and the dual COVID and antibody test.
From a financial standpoint, what should we be looking for this year? Will the economy boom or will there be a recession? As people are eager to resume normal life again, certain parts of the economy may flourish again. What is happening with certain stocks in the market? What about the real estate market?
The news is unpredictable and uncontrollable. So how does that impact and inform your financial plan? It’s important to focus on what you can control. Have you planned out your goals for the year? Are you finances in order?
It’s important to find out the values of your accounts and organize your tax forms. Do you know what rules you’ll need to keep in mind, be it RMD requirements or HSA limitations? Are your legal documents and beneficiaries up-to-date? In the world of retirement planning, there’s a million little things that need to be addressed. The value of a strong relationship with a trusted advisor is knowing those little things are being taken care of so that you can focus on the big things.
Listen to the entire episode or click on the timestamps below to skip to a particular topic.
[0:50] – As predicted, 2021 hasn’t exactly been the brand-new start we all hoped for.
[3:09] – What’s the latest in vaccine and COVID news?
[10:17] – What is the economic side of what’s to come?
[14:27] – What is the real estate market like right now?
[18:17] – What should we be thinking about in 2021?
The Abbott labs rapid in-home kit. It comes with 6 tests: https://www.emed.com/products/covid-at-home-testkit-six-pack
The duel COVID-19/antibody test. It’s more expensive, but it tests both and comes with a telehealth consult: https://covidinstanttest.net/
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Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.