MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREESPRESENTED BY MARY BETH HOFMEISTER, CFP ® - AUGUST 2021 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…

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…

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…