OPINION: Here are 5 productive things you can do while waiting out the coronavirus:
I don’t know when the coronavirus will stop spreading, when we’ll have a vaccine and how much the economy will slow. I also don’t know at what level the stock market SPX, -11.98% and interest rates will hit bottom—or whether we’ve already seen the worst. And nobody else does, either. But that doesn’t mean we should all just sit on our hands.While we don’t know how bad things will get, we’ve seen this movie before. Do you remember the panic after the Sept.
And don’t even bother tracking the unemployment rate. That’s a lagging indicator. If we enter a recession, unemployment will rise, and it won’t start coming down until months after both the stock market starts to rebound and economic activity picks up. 2. Play your final card. It’s the financial advantage none of us is happy about: One day, we will all shuffle off this mortal coil. That could be the key to generating income in today’s virtually no-yield bond world. Yes, I’m once again pitching one of the financial world’s least popular products: immediate-fixed annuities that pay lifetime income.
Why is the payment on an income annuity so generous? First, each month, the insurance company is effectively returning part of your initial investment to you. Second, the insurer knows that some annuity buyers will die early on, having received little money back from their big annuity investment. These unfortunate folks subsidize the handsome monthly payments that continue flowing to those enjoying a longer life.
I tackled this possibility in an article 15 months ago—and my advice today remains the same. What’s the best way to prepare? Your priority should be making sure you have easy access to cash, and lots of it.
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