Wow, 2020 has been a wild ride so far. We started the year off with what seemed like a strong stock market, solid economy, and no fears of COVID-19. That quickly changed less than three months into the year as much of the country came to a standstill after Coronavirus reached our shores. It’s fair to say it’s been a bit of a rough ride since then. It’s also hard to say what the rest of the year will bring. However, 2020 has also brought some big changes to retirement saving and planning. First off, the SECURE Act was signed Continue reading We’re Half Way Through 2020…Can You Handle Another Half?
There’s been a lot of talk over the past few weeks about how the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has provisions impacting IRAs (no RMDs for 2020) and other retirement accounts (waives early distribution penalties for multiple, common retirement accounts). However, there’s been little talk about how the legislation may impact Qualified Charitable Distributions (QCDs). Why is that? Well, it’s because the CARES Act doesn’t impact QCDs. Yes, that’s right; QCDs will work the same this year as they did in previous years. So if you were thinking about making a charitable contribution from one of Continue reading Feeling Charitable? QCDs are Still a Thing in 2020
If you’re thinking seriously about retirement, then most likely you’re a member of the Baby Boomer generation. That means you were born at some point between 1946 and 1964, which currently puts much, if not all of that generation, right in that retirement sweet spot. However, given the havoc the Coronavirus has wreaked on the economy, you might be finding yourself rethinking your retirement plans. The reasons for this rethinking can vary. Maybe your nest egg took a hit in the market swings and you want to build it back up or maybe you lost your job and need a Continue reading The Long Road Ahead for Baby Boomers
As my last blog post mentioned, it’s a tough time to be making retirement decisions. That’s regardless of whether it’s changing your retirement saving goals, deciding to actually retire, or making financial decisions in retirement. Make no mistake, the current economic situation will impact retirement decisions for at least the next year and probably even longer. It’s already forcing many older and retired Americans to make decisions about whether they should consider taking money out of their retirement accounts earlier than anticipated as well as whether they should file for Social Security sooner than they want to. Keep in mind Continue reading Retirement Decisions in the Time of Coronavirus
Whether you or certain pundits want to acknowledge it or not, we are in a bear market at a moment. What does that mean? It means the markets have fallen–for an official bear market the prices need to fall at least 20%–and investor sentiment reflects that downturn. You’re probably familiar with the term and understand it to be the opposite of a bull market, which is what we were in up until early March. In short, a bull market means things are on an upswing. A bear market is tough to stomach, particularly when it’s not clear when exactly things Continue reading Handling the Bear
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27. It’s a massive relief package designed to help Americans get through these difficult economic and financial times. Yes, this is the legislation that also includes the one-time payments from the government for those below a certain annual salary. While most of the reporting on the CARES Act tends to focus on helping those of working age who find themselves without a job, it does have some advantages for retirees. First off, many retirees will be eligible to receive the highlight of the legislation–those Continue reading Retirement Accounts and Government Coronavirus Relief
I don’t want to alarm you–I’ll leave that to the news media–but the Coronavirus will change the world we live in. The economic, emotional, and physical toll that this pandemic will have on society and the global economic has the potential to be astounding. It is already changing the way we work and educate and will most likely force us to re-assess your global supply chain and how we as a society can better detect future pandemics. There is going to be a lot of uncertainty in the months ahead, particularly in the markets, and no one knows when or Continue reading The Future is Uncertain, But It Shouldn’t Be Scary
COVID-19 is no joke. The illness has the potential to impact even the farthest corners of the globe and it’s spread is wreaking havoc on the markets and global economy. Based on the market swings of the past two weeks, I’m fairly certain your portfolio has not been immune, regardless of how diversified you are. During times like these it can be easy to get caught up in the hysteria and over-react to what’s going on. If you’ve been to a grocery store at all the past few days, then you might have seen what I’m talking about. However, depending Continue reading Take the Coronavirus Seriously!