The gift for retirees bundled in the CARES Act

For many advisors with affluent retiree clients, the CARES Act provision that may have the biggest impact is its suspension of RMDs during 2020. The move will have clear implications for tax planning strategies, so it’s incumbent on advisors to get ahead of their clients’ questions with sound strategic recommendations.

May 15th, 2020|

Only 48% of Americans Have Taken This Crucial Retirement Planning Step

Planning for retirement isn't particularly easy, and it can be even more challenging in the midst of the coronavirus pandemic. The average 401(k) balance dropped by around 19% during the first quarter of 2020, according to new research from Fidelity Investments, and the average IRA balance dipped by roughly 14% during this time period. Even if your savings have taken a hit, it's still important to continue preparing for your [...]

May 14th, 2020|

Is Your Retirement Plan Down Because of COVID-19? Here’s How to Keep Calm

It's no secret that COVID-19 has been battering the U.S. economy since cases started spreading rapidly in March. Not only have millions of Americans lost their jobs, but the stock market has taken such a beating that it's driven retirement plan balances down.The average 401(k) balance fell to $91,400 during the first quarter of 2020, according to a recent analysis by Fidelity. That represents a 19% drop from the final quarter of [...]

May 13th, 2020|

Don’t Forget About Your Other Retirement Plan

Summary Although it began as a retirement income program, over the years Congress has greatly expanded the benefits that Social Security provides. Overall, the federal government’s budget is more than $4 trillion a year. The biggest portion of that goes to Social Security beneficiaries. By 2035, Social Security will only be able to pay 79% of the benefits it will owe. The main reason is demographic: since around 2000, there [...]

May 12th, 2020|

4 ways your retirement savings strategy should change after you turn 50

Turning 50 is a big deal, especially in your financial life. After turning 50, it's time to start rethinking the way you've always done things, become a little bit more conservative with your investments, and start planning ahead. Rhian Horgan, CEO of financial technology company Kindur, and founder of retirement planning app Silvur, says that there are four things that should change after this milestone. 1. Track down all of the accounts you've [...]

May 11th, 2020|

Review Your Retirement Plan to Consider SECURE Act Changes

By now you’ve probably heard of the SECURE Act, and that it’s the most significant piece of retirement legislation to become law in more than a decade. You also may have read that its changes could affect nearly every saver in the U.S. — from those just starting out in their careers to those already retired. If that’s as far as you’ve gotten in your research, though … well, who could blame [...]

May 8th, 2020|