Understanding the SECURE Act and How it Could Affect Your Retirement

Learn more about the sweeping legislation designed to fight America’s retirement savings crisis

In May 2019, the U.S. House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act, commonly called the SECURE Act. Designed to help tackle our country’s growing retirement savings crisis, the far-reaching legislation spent months tied up in the Senate. On December 19, 2019, it passed the Senate with a 71 to 23 majority.

Let’s take a look at a few standout provisions of the legislation and discuss what they could mean for you.

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Are You on Track to Meet Your Retirement Goals?

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Net Worth Goals By Age

Do you find yourself wondering if you’re on track to meet your retirement goals? Are you saving diligently but still unsure whether it’s enough? A valuable benchmark to help you answer these questions is your net worth: that is, the number you’re left with when you add up your cash and other financial assets and subtract all your debts.

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How Can Entrepreneurs and Executives Prioritize Their Financial Objectives?

Everyone strives to be successful in their careers. You may spend long hours working hard to ensure the success of the company you work for or the one you’ve created. Success, however, is not only about what you produce at work and what you earn from that. Giving time to establish goals for your financial future will help you maintain financial security for the long-term. 

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Have You Written Your ‘Legacy Letter’ Yet?

When you think about leaving a legacy for future generations, does your mind automatically associate this idea with financial assets? It’s normal to want to put an estate plan in place that will benefit your heirs, but you may want to think outside the box, too.

Why? Well, there are some things that money just can’t buy.

In truth, your legacy is about much more than just your hard-earned assets. You have a wealth of life experience and wisdom to share, too. A great vehicle for preserving this intangible type of asset is a Legacy Letter.

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Are You Getting the Most Out of Your 401(k)?

If your employer offers a 401(k) plan, you likely know two things about it: 1) you can automate investment of a portion of each paycheck to make saving easy, and 2) whether or not your employer offers matching contributions (i.e. free money).

Outside of this basic information, 401(k) plans can be a bit confusing for the average investor. The financial jargon alone can be enough to deter you from investigating the best way to protect and grow your money over the long-term. This is one of the main reasons so many people leave their retirement accounts on auto pilot, failing to learn ways to enhance their earnings. If you’d like to avoid this fate, information is key.

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Four Ways to Streamline Your Finances

Managing a complex financial picture can feel like a Herculean task and one that often leads to stress and procrastination. So much time is spent organizing paperwork and hunting down data that by the time you actually sit down to figure out where you stand you are too tired and stressed to be able to make good decisions or implement new strategies.

If this sounds like you, it may be time to take some steps to simplify your financial life. This won’t just save you time and effort it may also save you money.

We have compiled four tips that cover the areas most people seem to need to simplify and improve. Your needs may be different but at the very least this list should give you some ideas about how to get started.

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How to Help Recession-Proof Your Life: 5 Tips

It’s hard to watch the news and not feel a little concerned about your finances. Trade wars, stock plunges, interest rates fluctuating, combine that with stagnant wages and an inflating cost of living–it’s enough to get even the most stalwart savers wringing their hands. In fact, 25% of Americans report worrying about money all the time.[i] So, what can you do? In this article, we will outline 5 tips to help recession-proof your lifestyle so that, while the economy and markets may have ups and downs, you can feel secure.

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Opportunity Zone Investments

The 2017 Tax Cuts and Jobs Act (TCJA) was the most sweeping tax legislation since the 1986 Tax Reform Act was signed into law.  The Tax Cuts and Jobs Act made small changes to personal income taxes and significantly reduces income tax for corporations. It also increased alternative minimum tax (AMT) and estate tax exemptions. New tax deductions for owners of pass-through entities and changes to the taxation of foreign income were also part of TCJA. For investors, Opportunity Funds promote investing in low-income designated areas, called Opportunity Zones, by offering federal tax advantages.

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The Making of a Successful Retirement Starts with Maximizing Your Contributions

If you have been contributing consistently to your retirement plan, then you are already on your path to a secure retirement. But are you doing everything you can to build your retirement nest egg? Capitalizing on your company retirement benefits package now can help to make your retirement that much more care-free. Here are five tips to help you build your financial future.

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Lifestyle Creep and How to Avoid or Reverse It

avoid lifestyle creep

Whether you have heard the phrase lifestyle creep or not, the odds are good that you have experienced it either first-hand or indirectly. Another word for it is lifestyle inflation. As you make more money, your apartment or house gets a little bigger, your furniture gets nicer, and dining out becomes more frequent. Then you meet someone special and your family grows from one person to two and then comes baby and…another baby and so on and so forth. The house needs to accommodate more people, the cars need to be safer and nicer and larger.

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