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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!

Our least favorite topic to discuss is divorce. It’s fairly safe to say that no one gets married thinking that one day it will end. Even if it’s warranted, it hurts to see relationships go their separate ways because it wasn’t the plan. Once a year we discuss this topic so that you (or your family members) can be informed on how to approach the financial complexity of divorce with more confidence. It’s not just about who gets the house. Rather, it’s more about the retirement accounts and future Social Security benefits. Like any other plan, think about the long game and try your best not to react to the short-term.

“Learn from the mistakes of others. You can’t live long enough to make them all yourself.”
~ Eleanor Roosevelt

Have you heard this quote before? There aren’t truer words in the world of advising. Day after day, week after week, month after month and decade after decade, we’ve had the privilege of hearing our clients tell their personal stories. We’ve also had the privilege of helping them NOT become an “example” for others of “what not to do.” Luckily, Ed Slott has compiled a list of PRL (private letter rulings) of big mistakes made by others.

Join us today for an hour of storytelling to learn by example. If you can, always choose to learn ahead of time.

Last week, Ed Slott gave us some incredible perspective as we look at the impact COVID-19 has had on retirement planning. The federal government has always been able to change the rules in the ninth inning, as we witnessed with the SECURE Act in 2019, but we’ve never experienced anything quite like this! Today, we are going to have the same conversation with you that we are having with our clients – how to play offense when you feel so defensive.

As the federal government looks to fund the stimulus package, there are rumors of higher tax rates, inflation and long-term impacts on Social Security. Retirement is your responsibility and, honestly, why would you have it any other way, especially as we enter into a COVID culture?

“Just because you can do something, doesn’t mean you should!” said our special guest, Ed Slott, CPA and America’s IRA expert! On today’s show, he explains why there is an incredible opportunity for retirees and pre-retirees today. The tax brackets are still low and if you don’t use them, you lose them! So, what does that mean for you? If RMDs are canceled for the year, should you still take yours? What about Roth conversions? Is now a good time?

He answers all of these questions plus more because, “Nothing is for everybody,” which is why you need educated advisors in the financial Olympics.

Times of crisis are extremely stressful. They can either shut us down or spring us into action. If you’re struggling with springing into action, we have a show full of action steps. We hope that it gets you fired up about your financial health even as our reality changes weekly.

Here’s your financial inventory checklist:

o Compare your portfolio to the stock market. Did you do the same, better or worse? Now would be a good time to evaluate your risk tolerance for the future

o Have you reevaluated your will or trust with an attorney?

o Double check your beneficiaries on all your financial/investment accounts

o Reassess your emergency funds. If you need more than what you’ve saved, what other accounts can you draw from?

o Consider pushing back your retirement date – those who pivot plans easily tend to do better in the long run

Today, CPA Jon Sluis joins us again and we are going to follow up on the CARES Act discussion. This includes: the purpose of the stimulus package, how you’ll receive your recovery rebate, why RMDs being waived for 2020 is a benefit to you, and the list goes on.