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Have you Ever Crossed the Chesapeake Bay Bridge?

Have you Ever Crossed the Chesapeake Bay Bridge?

August 04, 2021
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I try to live a life without fear but frankly, the Chesapeake Bay bridge scares me to death! The bridge is a mile long, over water the entire way, the area tends to be very windy and airplanes come too close for comfort on a regular basis. Between multiple business trips, a couple of Family vacations and my kids' Lacrosse tournaments, I estimate that I have crossed this bridge over 100 times. I would be lying if I told you that my heart didn't race every single time.....the entire time.  Fortunately, I have emerged safely on the other side on each occasion. Now, imagine crossing the bridge if there were no guardrails.  No, thank you! Those guardrails are the only thing that give me confidence that I will survive the journey.

As investors, market volatility can often cause us to feel the same level of anxiety. Consider how the news of the Presidential election, COVID-19 and overall economic uncertainty have contributed to market movements over the last Year. While hair raising at times, investing in equity markets can be highly rewarding and provide tremendous upside potential.  Have a plan, focus on your long term vision, consider supplementing your retirement plan with risk management solutions when appropriate and stay the course.

When it comes to planning for retirement, understanding the extraordinary challenges many Americans will experience can be a rather overwhelming experience.  What percentage of your needed income will Social Security cover?  Do you have an employer sponsored Pension?  Will life expectancies continue to grow?  Will taxes be higher when you finally retire?  Sometimes, considering these potential pitfalls can be so daunting that many people choose not to think about it.  The fact of the matter is that we are becoming increasingly more dependent upon our own savings to supplement our income in retirement.

Did you know that only 44 percent of workers have estimated how much income they will need in retirement? What’s more, only 36 percent have calculated how much money will be required to cover healthcare expenses.1

Creating a financial strategy means thinking about the bigger picture, including a variety of issues like monthly income needs, handling unexpected expenses and preparing for rising healthcare costs. People who take a “do-it-yourself” approach can quickly find themselves flustered by all of the variables they need to protect against.  You might find it to be helpful to consult an advisor who specializes in solutions designed to help mitigate risk in your financial life and ensure that you have plans in place to protect your income, asset and legacy needs.  Careful preparation can help put your mind at ease, knowing that you have financial "guardrails" in place.  

If a current event or headline has caused you to reconsider your financial strategy or if you are unsure of your retirement readiness, please give us a call. Sometimes, a newsworthy event may signal that it is time to employ a new approach. Or, it may just be a “speed bump,” a momentary blip that’s already factored into your long-term vision.  Do you have a plan?

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1. EBRI.org, April 23, 2020

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

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