In 2020, the World Economic Forum published its annual Global Competitiveness Report, as usual. However, in light of the global pandemic, it put its long-standing Global Competitiveness Index rankings on hold. Instead, the report focused on priorities for recovery and revival instead of competition.1
Indeed, economic globalization over the past two decades, in many ways, seems to have made the world much smaller. The world seems to be more integrated, and some countries rely on each other for supply chain and production capabilities, geopolitical support and shared innovation and technologies.2
Moving past this latest pandemic, it would be beneficial to the world if countries worked together to ensure this virus, and others in the future, are more efficiently contained and do not impact the global economy in the manner in which COVID-19 has. The 2020 World Economic Forum report emphasized four main areas in need of transformation: the environment, human capital, financial markets and the innovation ecosystem.3
These four areas could apply to our own households as well. After all, some of us leaned on each other throughout the pandemic — neighbors shopping for neighbors, checking in on each other, making the extra effort to stay in touch with high-risk individuals to keep their spirits up. And while the country suffered through COVID, we simultaneously experienced the highest number of named storms on record, record levels of wildfires and the hottest day on record (129.9 F in Death Valley, California).4
Depending on circumstances, some people’s household finances have been transformed, leaving some with less income and others with more savings. We relied on and appreciated technology to keep us fed, clothed and connected with loved ones and colleagues. During this intervening time of recovery, we should not forget the lessons learned. Feel free to contact us if you are looking for ways to help protect your finances in the wake of future crises — whether global, national or household.
In other parts of the world, the new U.S. administration will likely foster a change in global relationships. The Biden presidency is expected to nurture relations with European countries and approach the China trade war with a more mutually beneficial exchange. Furthermore, as we return to more normal economic fundamentals in the new year, we could see a weaker U.S. dollar that may favor emerging markets in the short term.5
Fresno Retirement Advisor Takeaways
Fresno portfolio advisor– Soutas Financial appreciated these points: Economic globalization over the past two decades, in many ways, seems to have made the world much smaller. Moving past this latest pandemic, it would be beneficial to the world if countries worked together to ensure this virus, and others in the future, are more efficiently contained and do not impact the global economy in the manner in which COVID-19 has. Depending on circumstances, some people’s household finances have been transformed, leaving some with less income and others with more savings. In other parts of the world, the new U.S. administration will likely foster a change in global relationships.
Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with problems sometimes associated with retirement such as stopping spend down and avoiding probate. In doing so we leverage stop spend down as well as long-term care strategies designed to help accomplish those goals.
When searching for Fresno financial advisors, look no further than Soutas Financial & Insurance Solutions Inc. your Fresno retirement plan consultant is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax-Efficient Strategies, IRA, 401(k) & 403(b) Rollovers, Life Insurance Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc. are not affiliated companies. California Insurance License # OK48173
Soutas Financial & Insurance Solutions Inc.
333 W. Shaw Avenue Suite 106
Fresno, CA 93704
Content prepared by Kara Stefan Communications.
1 Klaus Schwab and Saadia Zahidi. World Economic Forum. 2020. “How Countries are Performing on the Road to Recovery.” http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2020.pdf. Accessed Dec. 29, 2020.
3 Saadia Zahidi. World Economic Forum. Dec. 16, 2020. “This is how countries can rebuild competitive economies for people and planet.” https://www.weforum.org/agenda/2020/12/how-countries-can-rebuild-competitive-economies-for-people-and-planet/. Accessed Dec. 29, 2020.
4 EcoWatch. Dec. 23, 2020. “The Top 10 Extreme Weather and Climate Events of 2020.” https://www.ecowatch.com/extreme-weather-climate-2020-2649628910.html?rebelltitem=1#rebelltitem1. Accessed Dec. 29, 2020.
5 Robert Horrocks. AdvisorPerspectives. Dec. 14, 2020. “CIO Outlook: Tailwinds for Emerging Markets.” https://www.advisorperspectives.com/commentaries/2020/12/14/cio-outlook-tailwinds-for-emerging-markets. Accessed Dec. 29, 2020.
6 Bloomberg. Dec. 24, 2020. “In Bullet Points: The Key Terms of the Brexit Deal Analyzed.” https://www.bloomberg.com/news/articles/2020-12-24/in-bullet-points-the-key-terms-of-the-brexit-deal. Accessed Dec. 29, 2020.
We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial or investment advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.
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