financialforum
Your Economy
While it’s important to stay up-to-date with what’s going
on in the U.S. economy, try to set those stories aside and focus
on your personal economic situation. By Phil Dyer, CFP
T
he national economy is in a73 Will you still take a vacation this year?
pretty bad shape. Market prog- a73 Are most of your friends and family
nosticators and pundits speculate members doing OK fi nancially?
the Dow will fall to 6,000 or 5,000 — a73 Are you able to offer some fi nancial as-
or even 4,000 — and many Americans sistance to family members in need?
fear their IRA, 401(k), 403(b), and Sec- If you answered yes to most of the
tion 529 college savings plan investments above questions, then your personal
will disappear. economy actually is doing relatively well.
Daily, the news is awash with gloomy (If you answered no, consult an expert
stories of record job losses, mounting fore- for fi nancial advice specifi c to your
Looking for
closures, and increasing despair on the individual situation.)
Financial Advice?
part of many Americans. Reporters eager Why is this important? It is far too easy
a73 When times are tough, to drive ratings and sell commercials often to get caught up in the mania and mad-
unbiased financial ad-
sensationalize these stories and parade ness of the crowd — to allow events in the
vice can be very helpful.
Members of the MOAA-
an endless stream of experts across the national economy that you cannot control
sponsored financial
screen with confl icting recommendations. to dictate your actions and how you view
planning service, Garrett
Thus far, the new administration has your personal fi nances — instead of focus-
Planning Network, are been unable to allay fears in the market. ing on what you can control.
there to help. To learn
The fact of the matter is we are in some- In the next three months, we will
more, visit
www.moaa
what uncharted territory; the current explore key fi nancial considerations for
.org/garrett.
economic conditions bear only some simi- retired servicemembers, those entering
larities to the 1930s and the 1970s. their second career, and those serving on
With all this confusion and confl icting active duty. We also will look at money
information, what should you do? moves that members of each group can
First, take a deep breath. Then, assess make immediately to improve their fi -
your personal economy — rather than nancial situation, protect assets, and at-
listen to what is going on in the national tain greater fi nancial peace of mind.
economy. With the exception of the stock Check back next month when we
market slide — over which individual in- tackle the fi nancial challenges military
vestors have very little control — how are retirees are facing. MO
you doing?
Consider the following:
— Former Army Capt. Phil Dyer, CFP®, is
a73 If you are working, is your job stable?
deputy director, Benefi ts Information and Finan-
a73 Are you up-to-date on all your bills?
cial Education. To fi nd a fi nancial planner near
you, contact Garrett Planning Network at
a73 Are you still able to contribute to your
(866) MOAA-GPN (662-2476) or
www.moaa
retirement plan (at least enough to get
.org/garrett, or visit
www.moaa.org/fi nancial
your company match)? center for other resources.
4 0 M I L I T A R Y O F F I C E R M AY 2 0 0 9 PHOTO: SEAN SHANAHAN
MMay_forum.indd
40ay_forum.indd 40 44/1/09 9:52:36 PM/1/09 9:52:36 PM
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100