If you do not pay close attention to the news and read about the stock market with regularity, there is a good chance you will lose money or break even after investing hour after hour attempting to expand your nest egg. Investing during a pandemic can be much more challenging than investing during regular times, so instead of spending your limited time trying to master the stock market, it may be beneficial to rely on professionals for insight to keep you on pace for your target retirement date.

The Comprehensive Financial Plan You Need During This Unique Time

A shortsighted investment portfolio probably won’t hold up well during the pandemic. The economy is becoming increasingly dynamic as people and businesses shift away from interpersonal interactions to technology.

Having an experienced financial advisor craft a truly comprehensive financial portfolio will help diversify your investments to help ensure your hard-earned money is not lost as a result of this unpredictable economy. An effective financial advisor will perform a cash flow analysis, help you establish reasonable investing goals and set a date for retirement regardless of whether the pandemic drags out for years or ends this spring.

Appropriately Timed Roth Conversions

Can you determine whether it is optimal to perform a Roth conversion or hold steady? This decision has a significant impact on your personal taxes. Lean on a financial advisor as well as qualified tax professionals for guidance and you will be better able to determine if you can afford to pay tax on the money at current tax rates or if it is more prudent to wait.

If the market dips once again during the pandemic, performing a Roth conversion might be prudent. Rely on your financial advisor for Roth conversion cost averaging along with additional analysis to help you navigate your retirement savings during the pandemic.

Balance Investment Contributions With Short-term Needs

It might not make sense to continue making your full retirement contributions if you lose your job or are forced to work part-time during the pandemic. Your financial advisor will help you attain a balance between investing for the future and ensuring you maintain a decent quality of life today and in the weeks/months ahead. This professional analysis will help alter your investing strategy as appropriate during the pandemic and readjust your strategy once it finally ends.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Paramount Wealth and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves

risk and you may incur a profit or loss regardless of strategy selected. Past performance does not guarantee future results.

Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

Unless certain criteria are met, Roth IRA owners must be 591⁄2 or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.