LGT's Profit Sense

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name to fit a catchy acronym (like the USA PATRIOT Act), is designed to improve laws that were established on now-outdated facts, some as far back as the ‘60s¹.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.

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.