Obsidian Market Update 7/23/21

Hello friends!

This week we have interesting news about oil, a story about a client we helped with some important retirement decisions, and our final team updates!

On Sunday, OPEC+ (the Organization of the Petroleum Exporting Countries) and its allies agreed to end COVID-prompted oil production cuts by September 2022. Saudi Arabia and the United Arab Emirates decided to split their difference and produce an extra 400,000 barrels of oil a day.

This is big news, and good for consumers. For one thing, UAE and Saudi Arabia were in a deadlock before this agreement was reached, and a stalemate could have had a lot of negative consequences that this deal avoided. While oil stocks dropped in response to the news, oil prices will also come down — good for drivers and the price of goods. On the other hand, this may increase US dependence on international oil. We’ll keep an eye on the situation and let you know if anything changes.

Speaking of changes, retirement is a big one that many of you are looking towards in the future. Three of the most significant decisions you need to make involves your pension, health insurance, and home. Last week, we helped a client work through all three.

One of our long-term clients called last week to announce their retirement, so we sat down with them to discuss the plan. One of the typical questions we get is, “What option should I take with my pension?” In the case of this client, we recommended they take a survivor annuity. Also, this client and their spouse are both under 65, and they are selling their business, so we helped them figure out what to do to be certain they have great health insurance. Finally, this couple’s second home is in South Carolina — should they move there or stay in Maryland? When is the best time to sell their house? We were able to help them make this critical decision and set their minds at ease.

Finally, let’s hear from two more team members about what they’ve been up to. First up is Landon Buzzerd:

What was your takeaway from 2020?

My biggest takeaway was learning how to adapt. When everything started to shut down, and people started working from home, we had to adapt to the new norm. We learned how efficient remote work can be and how to be more creative spending our free time. I am thankful my experience in 2020 was of growth and learning.

What are you looking forward to doing now that things have begun to open and return to normal?

Volunteering opportunities have been limited so I am anxious to get back to that as well as concerts, travel, restaurants, and hopefully fewer people on the golf course.

And finally, Pamela Flick:

What was your takeaway from 2020?

One positive takeaway was that it was an opportunity to slow down, stay home, and relax more. My volunteer activities were either cancelled or scaled back, and I did have a chance to rest! I read more books and enjoyed a slower pace, so that was nice.

What are you looking forward to doing now that things have begun to open and return to normal?

I am looking forward to seeing my family and friends again and HUGS! Recently, I was able to go on my hiking vacation to Yellowstone and Grand Teton (cancelled last year). I am hoping to travel more, dine out, volunteer, and visit with more family and friends.

That’s it for us this week! Have a wonderful weekend.

Past performance is no guarantee of future results.  Securities offered through Triad Advisors, member FINRA/SIPC. Advisory Services offered through Obsidian Personal Planning Solutions, LLC. Obsidian Personal Planning Solutions, LLC, and Obsidian Personal Planning Solutions, Inc, are not affiliated with Triad Advisors.