OPINION: Stock prices are down, interest rates are up, the pandemic is still lurking and inflation hovers at a four-decade high. Here are 10 things to discuss with your financial adviser in this volatile market:
Given today’s challenging markets and unprecedented economic circumstances, a midyear review of your investments and wealth plan takes on a heightened sense of urgency this year. Stock prices are down, interest rates are up, the pandemic is still lurking and inflation hovers at a four-decade high. Add the looming retirement for many boomers, as well as the labor and housing shortage, and you have the perfect storm of uncertainty.
Inflation is also impacting home and auto values as well. Make certain your insurance coverage remains sufficient to meet replacement costs.Many asset classes generated solid, after-inflation returns in recent years. That all changed in the past year as inflation soared. Assess whether your portfolio is effectively positioned to continue to earn competitive, real returns over the long run.
A ready access line of credit may be a good option to hold you over until the market recovers. Also, consider adding to your portfolio sources of reliable income. This might include the addition of an annuity with a guaranteed income benefit. Ensuring you are positioned to have the income you need in down markets is a smart move.The volatile markets of 2022 may offer an opportunity to sell investment positions held in taxable accounts to harvest tax losses.
You’ll want to conduct a midyear assessment of your tax situation. Tax brackets are adjusted higher by the IRS each year, but those adjustments don’t reflect the current rate of inflation. If your income has increased in line with or at a faster pace than inflation, you may want to double-check your tax withholding or estimated tax payments to avoid a surprise bill when you complete your 2022 tax return next April.
Angie O’Leary is head of wealth planning at RBC Wealth Management–U.S. RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC. RBC Wealth Management does not provide tax or legal advice.
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