The past year has made it difficult to find the silver linings on the darkest of days. The headlines have been so ominous that, according to most of our clients, they just can’t watch the news anymore. We get it. So here’s some good news: According to Fidelity, retirement savings accounts reached record high levels in 2020. Money market funds in the United States, including retail and institutional funds, both taxable and tax-free, have increased $615 billion (to $4.39 trillion) over the last 12 months through March 12, 2021, an average increase of $12 billion per week (Source: Investment Company Institute).
If this pandemic has done anything, it’s woken us up to pay attention and get serious about where our money is going. According to InvestmentNews, 82% of Americans say COVID-19 affected their retirement plans. We are going to dig into that stat and offer prudent advice as you plan. For better or for worse, here we are and there’s no time like the present to make a plan.