More people seek financial advice amid COVID-19 pandemic and widespread unrest
As the future of the country sits in uncertainty, many around the country prepare for the financial toll it could leave.
ROCKFORD, Ill. (WIFR) -As the country prepares for new leadership, many wonder what this change means financially.
“A lot of the questions clients have are my taxes going to go up and if so what should we be doing about it,” said Financial Focus Advisors President Jon Aldrich.
Aldrich says there is a chance taxes may rise and encourages people to plan ahead.
“We’re also seeing more people wanting to look at their financial plan,” said Aldrich. “Can I retire when I want to is a big question and getting them set up in the right way for that.”
However, with many out of work and other living paycheck to paycheck, planning for the future may not be feasible.
“We normally have about two hundred thousand people filing for unemployment benefits, but now it’s about a million people five times what it normally is and again we’re seeing a lot of people unemployed for more than six months which is obviously very devastating,” said Northern Illinois University Professor Carl Campbell.
While many will encounter financial hardships in the future, Aldrich says it can be helpful to have money set aside for those rainy days.
“Having cash on hand is a great thing because it can come in really handy in times of stress and it makes you feel a lot better if you have some money in your bank account that can maybe help you whether the storm when times are tough,” said Aldrich.
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