This past week brought to light a handful of historic events that continue to unfold as the coronavirus (COVID-19) wreaks havoc on our livelihood. It is clear that we are living through a phase of life that will be written about for years to come, and we are all hopeful for positive steps back to a normal society. The president signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act) as the third and most sweeping package aimed to provide financial support for Americans affected by the coronavirus. The Act itself is historic as the largest monetary stimulus package to pass all three branches of government, making $2.3 trillion available to those suffering from the pandemic. With the large amount of financial relief comes a long list of rule modifications intended to ease the pressure that individuals, businesses, and state and local governments are continuing to face. The Act addresses important needs, but it is by no means a fix-all for our battered economy. The market continues to exude drastic volatility, unemployment claims continue to skyrocket, and everyone is still trying to cope with new norms like social distancing.
This week marked the first full week for Dallas County’s mandatory shelter-in-place order, issued by Judge Clay Jenkins on Sunday evening as our world continues to evolve and adapt during this unheard-of time. Almost every facet of life has been altered due to preventative measures as employees shift their workplace to a home office, restaurants modify their services, and children remain home from school.
First of all, I hope that you and those closest to you are staying safe as the COVID-19 pandemic continues to affect families, communities, and businesses throughout our country and the world. Your health is of utmost importance in these tumultuous times. While there are various ongoing challenges faced during this outbreak, we want to ensure that you and your loved ones are taken care of in order to mitigate the shock throughout the development of this crisis. We understand you have many questions and concerns pertaining to the virus’s direct impact on your physical and financial well-being, so we want to share the steps we have taken not only in the past few days but throughout the past few quarters to adapt to this new environment.
With the new year comes new endeavors, goals, and even laws. Effective December 31, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (The Act) enacts a few adjustments that effect your retirement savings and legacy planning strategies. The SECURE Act, coming in with yet another far-reaching name to fit a catchy acronym (like the USA PATRIOT Act), is designed to improve laws that were established on now-outdated facts, some as far back as the ‘60s¹. The Required Minimum Distribution (RMD) rule beginning at age 70 ½ was created when life expectancy in the United States was 70.02 years, compared to average lifespan in 2019 of 78.87. The updates are welcome, and most benefit the saver, yet there are some nuances to highlight for potential incorporation into your financial plan.
Topics: Financial Planning
It is tough to watch the Dallas Cowboys lose another game and not question what is going wrong. The Cowboys' roster has talent through the roof of Jerry Jones' multi-million dollar stadium, a coaching staff with numerous accolades, and a clear desire to win, yet they seem to fall short in big games. While watching this week's game, it made me wonder about the extensive game plan the coach formulated to try to win. With any big game approaching, it always proves more fruitful and much less stressful to have a plan in place to achieve a positive end result. Just like a coach prepares for a game, it is critical to have a plan in place for the financial aspect of your life to be victorious by accomplishing your goals.
Topics: Financial Planning