Welcome to “Projections Season” where every financial personality and even your friends and family will provide an insight into their crystal ball on how the “market” will perform next year. They will back up their projections with strong data and sound reasoning, yet history continues to show us just how futile it is to spend time predicting any future, much less that of how over 20,000 worldwide securities will perform over the short term.
As we move into 2020, I continue to recommend for you to focus on the intersection of what matters and what you can control – how to best increase your cash flow/income, appropriately allocate and invest that cash flow to help increase your probability of achieving your personal goals, while reducing taxes and any other unnecessary expenses.
Here’s one of those items we will be focusing on for you: changes to the retirement account law that may impact you.
Earlier this month, Congress added the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) to a year-end spending bill. When any new law is passed, there are often more questions than answers. We are getting familiar with the changes and understanding how it will impact your planning and how to make the most of the new opportunities, if applicable to your specific needs and goals.
There are several important provisions related to company retirement plans, although they are not as impactful to individuals as the changes highlighted below.
The SECURE Act dramatically changes the planning landscape. As your advisor, we will work closely with your CPA to develop strategies to take advantage of benefits and attempt to mitigate the negatives.
We look forward to reviewing these new strategies and opportunities as we schedule our reviews in the coming year. As always, please don’t hesitate to reach me directly if you have any questions or needs in the meantime.
We are always happy to help.
Here’s to your health and wealth in 2020!