The second quarter of 2020 is unlike any other. Weve been in the midst of a global pandemic that led to the stay-at-home mandates that caused a sharp, deep recession and left nearly 20% of Americans unemployed1. In May and early June, after many thought the curve of new coronavirus cases had been successfully flattened, economic reopening occurred across the country. However, within weeks the virus spread and the US entered the July 4th weekend reporting record numbers. With some progress reportedly being made on several treatments and potential vaccines, many people have started pricing risk assets as if the worst of impact from COVID-19 is over. This was before the onset of what many are calling the 2nd wave of new coronavirus cases, causing many to question the pace of any economic recovery. With expectations that the Federal Reserve will do whatever it takes to support the economy and risk assets investor attention has turned to Congress, as the $600 weekly unemployment benefit
Since the onset of COVID-19 in February, weve seen record volatility in the financial markets. But, its time in the markets, rather than timing the markets that will ultimately help set you up for success over the long-term. Here are a few strategies to help you keep your cool, remain invested, and weather the storm. First, consider using income-focused strategies to help weather todays uncertainty. When investing in individual stocks, its important to use caution for growth purposes or when you are nearing retirement. Normally, its best to employ a combination of different tools, including bonds or fixed income, based on your financial goals and time horizon. Secondly, remember that planning now could save you and your family hundreds of thousands of dollars later. One of the major changes of the past year is the elimination of the stretch IRA. This rule changes the way your heirs are able to receive inherited funds. Before the change, you were able to spread the inherited money