THE PANDEMIC ERA REQUIRES RETHINKING FINANCIAL PLANS SAYS PERSONAL FINANCE GURU CHRISTINE BENZ

January 15, 2021

COVID-19 has affected just about every aspect of our professional and personal lives, including the state of our finances.  

Whether you or a loved one are among the more than 20 million Americans who lost their jobs in the spring of 2020 in the depths of the lockdowns, or one of the millions of Americans who saw their retirement portfolios plunge in the shortest bear market on record in February and March, (and if you stayed invested have benefitted from the markets rebound), or if you or a loved one are among the 20 million Americans who have been stricken by COVID your finances have been affected. 

Financial services firm Morningstar has also been paying attention. In a recent article, “What the Coronavirus Means for the Future of Financial Planning,” its Director of Personal Finance, Christine Benz addressed the issue and we have asked her to enlighten us.   

WEALTHTRACK Episode #1729; Originally Broadcast on January  15, 2021

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CHRISTINE BENZ

REVIEW YOUR FINANCIAL PLANS FOR HEALTHCARE

  • COVID-19 wake-up call
  • Review healthcare costs
  • Plan for future expenses
  • Consider Health Savings Accounts (HSAs): tax & investment benefits
  • Near or in retirement: have a segregated account for long-term care

Morningstar’s 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances

Morningstar Guide to Mutual Funds: Five-Star Strategies for Success

ONE STEP DIVERSIFICATION

Buy Vanguard Total World Stock ETF (VT) Price: $94.67 on 1/7/21 52-week range: $53.70 – $94.83

No stock mentions in this episode.

Christine Benz from the WEALTHTRACK archives:

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AMAZING PRODUCTIVITY

Morningstar’s Director of Personal Finance Christine Benz is one of the most productive people I know. She does daily columns, regular interviews, weekly podcasts, answers numerous Morningstar client questions, and has written several books. She also always makes time to help us on WEALTHTRACK. How does she get so much done?


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