2021 Retirement Plan Limitations
On October 26, 2020, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2021 (IRS Notice 2020-79). ...
This article was originally published in Wedgewood Life magazine and is reprinted with their permission.
As our thoughts turn to pumpkins, candy, and costumes, this month we explore people’s most common financial fears and advice to ensure everyone has a financially delightful Halloween. Researchers at Chapman University annually ask over 1,100 adults across the United States about their level of fear about ninety-four different phenomena including crime, the government, natural disasters, and more. The 2018 results illustrate adult Americans are most concerned about government corruption, environmental concerns, and their personal finances. In this month’s article, we highlight American’s most prevalent financial concerns and advice to proactively combat these fears from haunting your long-term financial plans.
To ease concerns about not having saved enough for retirement, the answer is a comprehensive, long-term financial plan. This plan would analyze current financial position, future savings/spending aspirations, future income streams such as social security, and other unique financial variables. In addition, one should periodically assess their progress toward achieving their long-term goals and/or gauge the reasonableness of those stated goals. A competent advisor can reassure clients when they are on track or provide real-time observations when the plan is off-track.
The planning response is to build up a cash reserve of three to six months of spending, and contribute to a health savings (HSA) or flex spending account (FSA) (to the extent possible).
A good understanding of the volatility profile of your investment portfolio should put an investor in a better position to think rationally during times of financial stress. Rational thought and an investment allocation of fixed income and equity investments that an investor is comfortable with during good and bad capital market periods, respectively, is more likely to allow an investor to capitalize on long-term investment opportunities that historically present themselves during times of high uncertainty and market turmoil.
On October 26, 2020, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2021 (IRS Notice 2020-79). ...
In March 2020, the CARES Act created the Employee Retention Credit (“ERC”), which allowed qualifying employers of any size to claim a refundable ...
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