1. The Russia-Ukraine War
Some observers, including former U.S. Defense Secretary William Cohen, have suggested that the conflict could lead to the kind of nuclear war that would end the current form of human civilization.
The current, limited conflict has already increased turmoil in world financial markets and given support to agents and advisors who have encouraged clients to use non-variable annuities, universal life insurance, direct investments in bonds and other products designed to buffer the holder against volatility.
In the medium term, the conflict could lead to enormous retirement planning complications for Russian citizen clients who live in the United States, U.S. citizen clients who live in Russia, Ukraine or other affected jurisdictions, and any U.S. citizen clients, anywhere in the world, who are married to spouses from Russia or other affected jurisdictions who are not U.S. citizens.
Sanctions imposed on Russian banks mean that clients may have trouble with everything from paying routine bills to getting the information needed to file tax returns.
In some cases, couples may have to cope with the financial considerations associated with moving suddenly, and unexpectedly, from one jurisdiction to another.
Clients who had planned to rely mainly on accounts in Russia to pay to retire there may suddenly have to look at what resources might be available to help them for retirement elsewhere.
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