How SAVVI Can Help You Plan for the Future After A Job Loss
Losing your job is emotionally and financially difficult. You have important decisions to make, and you may be facing a very different short-term income picture. That’s why we designed a new experience specific to the COVID-19 crisis to determine what current and near-term resources may be available to help, as well as guidance and education to maneuver through this challenging time.
With the SAVVI platform, you have access to a tool that can help make sense of your financial position, now and in the future. You can log in at any time to check your net worth, see where you can make smart choices, and create or rerun your financial plan. It can be comforting to know your net worth (assets and liabilities), that you’re still on track–or to have a sense of how to get back on track. If recent market declines have put your goals on a different trajectory, history tells us that markets get back on track over time, but you’ll want a disciplined plan moving forward. Here’s how the different parts of SAVVI can help along with our COVID Relief Guide.
The Organize function allows you to link all your financial accounts together in one place. At any given time, you can see your household balance sheet: your assets, liabilities, income, and net worth. This section also helps you unite your workplace benefits–like HSAs and 401(k)s, with your personal finances–like checking accounts and student loans. Here you can assess your cash cushion, debts, and other investment accounts that you may need to access to provide income before you’re back to work.
The Understand function gives you a sense of where your money goes. If you’ve previously had a SAVVI plan with your income, this is certainly a different situation with work income changing to unemployment insurance income. We give you a high-level look with the Big Picture; then specific Insights into your debt, savings, housing costs, and cash reserves. Here you can help make sense of committed expenses and to think about areas where you might be able to improve your spending until you’re back to work.
The Plan section of SAVVI is where you receive actionable, tax-efficient insights about your money. Where to save, how much to save, and how to achieve your goals, can all be gleaned from this part of SAVVI. It’s understandable that long term goals like retirement are not as strong a near term priority as before, but it does still matter. SAVVI’s advice considers all your goals together, and your SAVVI plan will be there to revise when you get back to work and earning an income when those aspirations may be more worth dreaming about.
As part of your overall plan, premium, personal and employee users of SAVVI get detailed asset allocation advice. We recommend specific asset classes based on your timeframe and risk tolerance. In addition, you can model the impact of past crises on your plan, like the 2009 financial crisis or the Great Depression. With the recent volatile market, although it is not a guarantee of future performance, this can help make sense of how you may want to be invested.
All this can seem daunting, especially at this challenging time, but SAVVI works at your pace. Even devoting a few minutes per session can keep the process moving and give you much-needed perspective. Seeing long-term possibilities can be inspiring, and knowing you have a plan to navigate ups and downs can be comforting in the short-term. If we can help in any way during this time, let us know. All of us at SAVVI wish you good health, safety, and comfort during and after this trying time. We hope that you’re back to work and that life returns to normal soon.
If you've been financially impacted by the Coronavirus crisis, click here to fill out our interactive questionnaire and determine whether you qualify to receive a no-cost, targeted financial plan from SAVVI. The SAVVI plan will take into account the effects of the immediate crisis to help you navigate this difficult time, as well as help you keep working toward your future retirement goals.
SAVVI Financial LLC (‘SAVVI’) is an investment advisor registered with the Securities and Exchange Commission. SAVVI does not guarantee investment results and past performance is no guarantee of future results. Information provided is for educational purposes and does not constitute investment advice, which is only provided to registered users who have a valid Investment Agreement in place with SAVVI. No information on this presentation should be construed as an offer to buy or sell any security or insurance product. SAVVI is not a certified accountant, lawyer, tax professional, or HR professional. Nothing in this document may be considered as tax, accounting, employment, or legal advice. Please consult with your accounting, tax, human resources, or legal professionals before taking any action.