The Covid-19 pandemic has forced millions of Americans to make changes in their personal and professional lives as they deal with stay-at-home orders, health concerns, job transitions, or even job losses. The end result is that some individuals and families face an uncertain financial future, or are unsure of the best financial decisions to make given the current circumstances. Financial advisors can be essential for individuals and families as they try to make sense of the next right steps, and our blog post today focuses on how they can help.
Analyze Current Financial Situation
The immediate need for many families and individuals is to assess their current financial situation, either because they've lost income or jobs, or because of market fluctuations impacting their finances. Financial planners can analyze current income needs and outstanding expenses and make suggestions that can provide the best possible immediate impact. These might include reviewing existing debts and current interest rates to determine if refinancing your home or other real estate is a good option.
Make Adjustments To Retirement and Savings
One of the biggest uncertainties for people is knowing what to do about their savings and retirement plans in light of work and personal changes related to Covid-19. Some might consider withdrawing from retirement savings early while others might choose to invest more money because of lower stock prices. Financial advisors can provide the clarity and market analysis needed to determine which long-term options are best to avoid costly financial mistakes.
Update Personal Insurance Insurance Needs
Finally, financial advisers can help individuals and families determine if their life insurance and other personal coverage needs have changed in light of Covid-19. For example, job losses could result in the loss of employer-based life insurance coverage, so new policies might be needed. In addition, if debts, expenses, and assets have decreased over time, then people might be overinsured with their current coverage and adjustments may be needed.
Aegis Insurance & Financial Services is committed to helping individuals and families have the peace of mind and financial stability that is so desperately needed in these uncertain times. Our team can help you assess your personal insurance needs and analyze future goals to determine the best course of action. Contact our Aegis office at 713-850-7622 for more information, or fill out our online form to request a free quote.