Like the game, “telephone” the SECURE Act of 2019 and the CARES Act of 2020, is all hearsay between the connections! How do we know this? Because the final message is received at our office when clients sit down and say, “I heard that I don’t have to (fill in the blank).”
We just smile and say, “Not exactly.” The rules are changing around familiar terminology and the truth is getting lost. We hear you! Which is why we are taking time today to clear up some common misconceptions about things like when you have to take your RMDs, deadlines for contributing to IRAs and Roth IRAs, retirement relief and so much more!
Tune in today and let us help take the confusion out of the permanent changes of the SECURE Act and the temporary relief from the CARES Act. There are big differences between the two, and we know how to help you.
The numbers are starting to come in. The Federal Reserve Bank is in the process of spending an amount of money equal to nearly 40% of GDP to offset COVID-19’s effect on the U.S. economy. The U.S. Congress will spend an amount that is about 35% of GDP for the same purpose (RSP Inc.). Meanwhile, the stock market has rebounded with such gusto that even the experts are in shock. We are hearing clients ask, “Did I miss it? Did I miss my chance to take advantage of market lows? Where are we heading now? Should I keep investing?”
While we anticipated an eventual recession, we could have never predicted a pandemic and the entire economic shutdown. The behaviors of the market mirror the emotions of people, and it has been erratic. We wholeheartedly believe that you must know yourself first to know how to participate in market volatility. Tune in today and hear the facts so that you can decide when, in fact, you should jump in. Whether or not you missed it? You’ll have to decide.
In December of 2019, the SECURE Act passed leaving many retirees scratching their heads asking, “How, exactly, does this impact me in the end?” Then, by mid-March of 2020, the COVID-19 pandemic hit, creating a national emergency that we are still experiencing today. In other words, COVID-19 is NOT over. This triggered Congress to pass the CARES Act, which provides temporary relief, special distributions, rollovers and provisional loan rules for retirement accounts. What does this mean for you, exactly? It depends.
Today, we are going to cover the common COVID-19 questions from Ed Slott. Shea also has some interesting stats about the cost of healthcare in retirement (yup, it went up), and Heidi wants to tell you what NOT to keep in your safety deposit box at the bank.
Do you know that half of Americans retire earlier than expected? Most of the time the circumstances surrounding retirement are out of their control, yet many non-retirees still believe they will retire on their own terms. Thanks to an Allianz Life study, we have these stats … and they are shocking, right? So, what do you need to know before you go into the unknown? Has the economic shutdown for the last couple of months altered your plan? Is it time to leave, or do you need to extend your stay at the office?
Today, we’ll go through the financial plan checklist to help you decide whether or not you’re ready.
We all know that women tend to live longer than men. According to the CDC, the average American male will live to age 76 and the average American female to age 81. The World Health Organization’s HALE index says that a woman’s extra years tend to be healthy ones. What is even more fascinating is that this is a global truth! Regardless of who goes first (I’m sorry, there’s no better way to say it), you’ll need to know how to properly arrange a spousal beneficiary rollover.
If you don’t take the time to plan now, the court or custodian will do it for you. Do you really want to leave the decisions of your life savings to a stranger? Danger!