Your Physical and Financial Wellbeing in 2021
It has been an eventful year so far and it’s only just begun.
It is already the second year of a global pandemic and things have changed so much it’s hard to think back on pre-Covid without having to remind ourselves it was such a short time ago that it began. Turbulent times call for stability and control or it can cause havoc and mayhem in your life as a whole. With vaccines now starting to be rolled out all across the globe and America taking up the call to achieve herd immunity by the end of the summer, we might be back to some sort of normality by December. This is according to Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases.
Our economy needs a shot in the arm.
In the first quarter of last year, the growth of the economy declined by five percent. By the second quarter, we were on a ski slope headed for disaster as it shot down by 31.4 percent! In April, during the pinnacle of the first wave of the pandemic, when State governors closed nonessential businesses, retail sales were slammed hard and dropped 16.4 percent. In the same month, the number of unemployed skyrocketed to 23 million when large swathes of the workforce were furloughed. As of December 2020, the pandemic had devastated many families with close to 11 million people left unemployed.
With the COVID pandemic still in full swing, it’s no wonder that many folks in America are thinking about healthcare. It is difficult to predict what the effect is going to be on premiums and co-pays in 2021, but researchers have said that medical costs could balloon by 10 percent above pre-coronavirus levels. If that were to happen, it would be the highest rate of medical-cost inflation since 2007.
No matter what the rest of 2021 brings it will be up to you to get through it safely and securely. Making sure you have your healthcare in place and your financial plan secure will give you more peace of mind to navigate the year ahead.
These are challenging times. It is up to each of us as individuals to rise to the occasion. The future is not set in stone, it is up to us to make the future brighter. The American dream is not dead, it just needs a shot in the arm and maybe by the end of the year, we will be back up and swinging for the fences.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC