By Shannon Rowan
- Review your asset allocation. 2020 is the first time a bear market has begun and ended in the same calendar year, and this dramatic recovery may offer a good opportunity to rebalance your portfolio.
- Digitize important papers such as legal, insurance and ownership documents to make access easier regardless of the circumstances.
- This year has triggered enormous change for many people, which you should acknowledge through review and adjustment of your financial plans.
- Evaluate strategies to improve your tax situation to include tax harvesting, retirement account management, income planning and charitable giving.
- Review your expenses for ways to save money. For example, with rates at historic lows, you might be able to reduce your mortgage payments.
The writer is executive vice president and director of wealth services at Burke and Herbert Bank.