As the COVID-19 pandemic continues to spread across the United States-hitting a new record of 140,000 daily cases on November 10th-there are growing concerns around the destabilizing effect this is going to have on the economy. The impact on people's livelihoods and financial stability is only starting to be felt, and the Founder and President of Orfin & Associates, an insurance and retirement planning office, Daniel Orfin, has his ear to the ground. From navigating market volatility to analyzing how the pandemic has impacted retirement plans, Daniel Orfin is sharing his expertise in two new articles.
TROY, MI / ACCESSWIRE / November 13, 2020 / The article ‘Daniel Orfin Explains How COVID-19 Is Affecting People's Retirement Plans' was recently published on Newswire, where financial planner Daniel Orfin discusses how retirement plans are being impacted due to the pandemic. ‘Daniel Orfin Breaks Down How to Navigate the Market Volatility Amidst the COVID-19 Pandemic' was just published on Noobpreneur, which provides a step-by-step analysis on how to manage your investments during this tumultuous time.
Orfin recognizes that saving for retirement is a significant part of most people's financial plans. However, with an economic recession on the horizon, retirement plans are being thrown for a loop: 'Given the circumstances surrounding COVID-19, many Americans are expecting to work longer than they initially anticipated. A drastic increase in unemployment, coupled with fallen incomes due to the pandemic, have individuals and families concerned about their financial future.' Telling clients at Orfin & Associates to stay the course, Orfin explained: 'Historically, statistics demonstrate that individuals who stayed the course during times of economic uncertainty typically see a higher profit than those who decide to sell.'
Lastly, he explains that more and more individuals are now seeking help from a financial professional, which he has seen at Orfin & Associates: 'A report conducted in April of this year by The Harris Poll found that 24 percent of Americans surveyed were seeking help from a financial advisor for the first time ever due to the pandemic.'
If a part of your financial plan includes investing in the stock market, you might be feeling nervous-but you're not alone. In the article on Noobpreneur, a digital platform helping small businesses grow through industry insights, Daniel Orfin discusses how to react when the market turns volatile and explains that sometimes the best reaction is not to act at all. He explains that investors need to remember four things: think of the bigger picture, create a balanced financial plan, continue to invest, and take a hands-off approach. Daniel Orfin explains that remembering the big picture will help you succeed long-term: 'Perspective is key in these early stages when many people start to panic and pull out their investments. Although it can be difficult, remaining calm and staying positive will serve you better in the long run.'
In addition, Daniel Orfin explains that a quick way to reduce stress and anxiety associated with your investments is to take a ‘hands off' approach: 'Orfin & Associates recommends that you take a hands-off investment approach. Such an approach means turning your portfolio over to a professional financial planner to manage.'
About Daniel Orfin
Daniel Orfin was born and raised in Metro Detroit but spent much of his early years in Sterling Heights and Rochester. After finishing high school, he attended Western Michigan University, where he obtained a degree in Production Operation MGMT.
Having learned the value of hard work from a young age, Orfin has spent decades honing his professional qualifications and leadership skills. As a highly successful businessman and forward-thinking individual, Daniel Orfin continues to search for new and exciting opportunities.
SOURCE: Dan Orfin
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