Financial Planning

New Retirement Account Rules – COVID-19

By |2020-03-30T10:08:24-04:00March 30th, 2020|Financial Planning, Retirement|

The Coronavirus is changing the landscape, as we know it, in almost every part of life. Unquestionably, it’s also shaking up the financial universe and changing rules that have been etched in stone for decades, and retirement accounts are no exception. With the Coronavirus Aid, Relief, and Economic Security Act (CARE) now law, Americans 72 years old and older get [...]

A Marathon, Not A Sprint

By |2020-03-30T09:20:12-04:00March 30th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Financial Planning, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Stocks rose last week, a breathtaking, nearly 20% run off the recent lows before a pullback Friday trimmed the gain for the week to about 11%. That was certainly helpful but investors would be well-advised not to get too excited. This is what bear market rallies look like. They come out of nowhere, they run much further than anyone thinks [...]

2019 IRA Contributions Delay

By |2020-03-23T11:18:05-04:00March 23rd, 2020|Financial Planning, Retirement|

As a result of the COVID-19 pandemic, U.S. Treasury Secretary Steve Mnuchin extended the 2019 tax filing date to July 15.  As a result, it also extends the deadline for making a 2019 contribution to your Individual Retirement Account (IRA) or Roth IRA. You now have until July 15 to make last year’s contributions. According to the Internal Revenue Code, [...]

A Week We’ll Never Forget

By |2020-03-16T07:02:39-04:00March 16th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Financial Planning, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Last week was one of the worst weeks in the history of the US stock market. Thursday’s plunge was the worst one-day loss other than the crash of 1987. Friday’s recovery was stunning as well but big rallies are typical of bear markets and that is, unfortunately, where we now find ourselves. Obviously, the selling was about the coronavirus and [...]

Is this the Beginning of a Recession?

By |2020-03-10T10:40:57-04:00March 10th, 2020|Bonds, Commodities, Currencies, Economy, Financial Planning, Markets, Real Estate, Stocks|

As I sit here Monday evening with the Dow having closed down 2000 points and the 10-year Treasury yield around 0.5%, the title of this update seems utterly ridiculous. With the new coronavirus still spreading and a collapse in oil prices threatening the entire shale oil industry, recession is now the expected outcome. Most observers seem to question only the [...]

When To Buy MediGap Insurance

By |2020-02-26T14:31:40-05:00February 26th, 2020|Financial Planning, Retirement|

I was having a conversation about retirement health insurance with an acquaintance of mine who just retired. He’s a former corporate executive—an analytical person—who’s always done his homework to avoid as many surprises as possible in the business world. He’s done the same thing with healthcare and decided that a Medigap policy is best to handle that part of his [...]

The Magic Is Gone

By |2020-02-18T09:22:10-05:00February 18th, 2020|Financial Planning, Retirement|

I’m a Baby Boomer—in the middle of the Boomer pack. Talk to almost anyone of my generation and they’ll tell you stories of what retirement looked like for workers when we were growing up. Back then it was common for someone to work for only one company, starting at age 18 and retiring at 65. You took your pension and [...]

The Growing Financial Risk of Retired Americans

By |2020-01-30T12:58:58-05:00January 30th, 2020|Financial Planning, Retirement|

Retirement is supposed to be the time of carefree living; the reward for a lifetime of hard work, saving, and sacrifice. But it seems that may be more utopian pipe dream than reality. The wealth gap in the United States is getting wider, which in turn increases the financial risk of many retired Americans, limiting their options and forcing them [...]

10 Major Trends in IRS Audits

By |2020-01-22T12:20:26-05:00January 22nd, 2020|Financial Planning, Taxes/Fiscal Policy|

What feeling do you have when you hear IRS? Is there a sick feeling in the pit of your stomach or do you just roll your eyes knowing that April 15th will be here all too quickly? Throw in the word audit and emotions and blood pressure can reach levels you never dreamed of. CPA Jim Buttonow has 30 years [...]