In the days ahead, the COVID-19 pandemic will likely be described in economic terms as a Black Swan. This phrase is used to describe an event that: 1) was unpredictable; 2) causes severe and widespread consequences; and 3) in hindsight was determined to be wholly predictable. What will be interesting going forward is how much the virus, and its impact on the economy and financial markets, ultimately affects individual portfolios. It’s worth noting that many economists spent the whole of 2019 cautioning that a recession and market correction was imminent. To what extent investors took heed and repositioned their portfolios is yet to be seen. As predicted, the Federal Reserve… Read More

At the end of 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act as part of a year-end appropriations package. This bill is designed to address specific issues related to retirement savings plans in an effort to help Americans save more for retirement. Retirement Plan Contributions People are living longer, and a decrease in employer-sponsored pensions has resulted in retirees relying more on Social Security benefits than in the past. So first, the SECURE Act eliminated the age limit on traditional IRA contributions so that people who work into their 70s and beyond may continue to contribute to the traditional IRA up to the annual limit.… Read More