Retirement Planning Strategies - May 2020

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MAY 2020



1 Denver Federal Center Building 45, Entrance E-9, Room 1050 Lakewood, CO 80225


As I write this newsletter at the beginning of April, we have no way of knowing what might change by the time it reaches your hands. But what we do know is that the current state of the world is something important to talk about, no matter where we are on its timeline. When a mandated home-quarantine occurs, it stirs an interesting reaction in people. Being told we “can’t” do certain things makes us feel like we need to do something. But how do we draw the line between a thoughtful, measured response and an instinctual, emotional reaction? When control is taken away, our natural instinct is to try to regain that control. We respond by wanting to be productive when circumstances make that more difficult. It’s hard to see when you’re stuck in the middle of it, but opportunities often arise from crisis events like the one we’re currently facing. People are pursuing hobbies and passions that they’ve always wanted to do but maybe never had the time for. Others are discovering new trades and making plans to better prepare for their futures because current events have brought so much to light.

For example, if the current state of the economy has caused you to reconsider retiring soon, then you’re going to start looking at other aspects of your life where you can regain control. Now is an excellent time to assess your current plans and strategies and see if there’s anything that needs to be modified as a result of this change. In fact, this is a good practice for everyone right now because opportunities are knocking. Most Americans are going to receive a stimulus payment of $1,200. If you’re a retired employee, a federal employee, or someone who doesn’t depend on this payment for necessary expenses, you have a great opportunity to use it to plan for your future. Consider putting that payment into a Roth investement retirement account. It might not be a lot of money, but it’s money that you don’t need to pay taxes on or need to live on, so it presents an opportunity to create a positive impact on your future during a time when that prospect is a rare commodity. There’s a lot we could be negative about right now, but if history has taught us anything, it’s that we must find ways to

move forward. It’s important to honor those who’ve lost their lives, and we can honor them by working to create positivity in the world they’ve left behind. There are always ways to turn lemons into lemonade. The best way to do so is to look at your situation, analyze it, and form a measured response instead of an emotional reaction. It’s time to take responsibility for the things we haven’t been prepared for and do everything we can to prepare for them in the future. Life looks much brighter when we have that kind of outlook. At Retirement Planning Strategies, we’re still working with clients every day. Our office may not be open for in-person appointments, but through the miracle of technology, we’re able to connect with clients, hold meetings, and answer any questions you might have about the best choices you can make for yourself. We can still access your accounts and your plans and be there for you every step of the way as you navigate these unusual times. Above all else, our goal is to support you. That’s certainly something we still have control over, and we plan to keep it that way. –Ann Vanderslice | 1

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