Retirement In Sight

QUOTE OF THE MONTH   “Getting old is like climbing a mountain; you get a little out of breath, but the view is much better!” INGRID BERGMAN CAN HAVING THREE GOOD FRIENDS PROMOTE A HAPPY RETIREMENT? We can reasonably say that the more money you retire with, the more potential you have to enjoy retirement. Now, what about friendship? If you maintain some strong friendships and an active social circle after age 60, can that make a big difference in the quality of your "second act"? You may need only two or three close friendships to experience a positive effect. The challenge is that friendships are harder to maintain these days. Social…

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A Look Back at 2020 Thus Far

The year in brief. The coronavirus pandemic disrupted the global economy, global financial markets, and daily life in 2020. For investors, it was certainly an eventful year. Economic activity abruptly contracted in the spring, and stocks quickly fell. The upcoming presidential election and COVID-19 vaccine developments could provide more market-moving headlines.1 The Federal Reserve cut short-term interest rates to just above zero as the pandemic took hold, and adjusted its monetary policy stance, announcing it would tolerate higher inflation for an extended period. U.S. households received one economic stimulus payment from the federal government, and might yet receive another. The U.S. and China reached a partial trade deal. The United Kingdom…

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Economic Update December 2020

In this month’s recap: Stock prices powered higher and energized investors thanks to a month-long succession of positive news events. U.S. Markets Stock prices powered higher and emboldened investors in November thanks to a series of positive news events. The Dow Jones Industrial Average, which has lagged much of the year, led the rally, jumping 11.84 percent. The Standard & Poor’s 500 Index tacked on 10.75 percent while the Nasdaq Composite rose 11.80 percent.1 All Eyes on the Election Stocks opened the month strong, climbing throughout election week as bargain-hunting investors appeared to swoop in following a weak September and October. While the immediate outcome of the presidential election was undecided,…

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This Year, There is More Incentive to Give

When the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law in March, it broadened charitable tax deduction opportunities. These special 2020 tax provisions are worth reviewing before they expire on December 31, 2020. First and foremost, the CARES Act allows individuals and couples taking the standard federal income tax deduction to claim an additional charitable federal tax deduction of up to $300 in cash gifts made to charities. This charitable deduction can be taken even if you don't itemize, and the limit increases to $600 for married couples. (This deduction is "above-the-line," which means that the deducted amount is simply subtracted from your 2020 gross income.) If you do…

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End-of-the-Year Money Moves

Here are some things you might consider before saying goodbye to 2020. Provided by Mary Beth Hofmeister, CFP ® What has changed for you in 2020? For many, this year has been as complicated as learning a new dance. Did you start a new job or leave a job behind? That’s one step. Did you retire? There’s another step. Did you start a family? That’s practically a pirouette. If notable changes occurred in your personal or professional life, then you may want to review your finances before this year ends and 2021 begins. Proving that you have all of the right moves in 2020 might put you in a better position…

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