Recently, Christine Benz of Morningstar interviewed Ed Slott about recent legal changes that impact retirement and tax planning. Ed Slott (self-proclaimed retirement expert) discusses the impact of the SECURE Act and promotes his latest book on retirement. Propel Advisor Danielle Woods covered the impact of the SECURE Act in a recent blog post "Traditional Retirement Savings: Why Tax-Deferred Accounts like 401(k)s May Be the Wrong Choice for Some Taxpayers" and our Jan. 27, 2021 Webinar, "New Year, New Strategies: Rethinking Your Savings Plan".

Did you know that the concept of saving for retirement has only been around for two generations? In 1940, the average life expectancy for men was 60.8 years. Women fared a bit better with an average life expectancy of 65.8. Historically, people typically worked until they died or physically couldn’t work any longer. In 1935, when the Social Security Act was signed into law, citizens had to be 65 years old to receive Social Security, which meant a small percentage of people ever received payment. Today, the average life expectancy for men and women is over 78 years, and non-disabled citizens can receive Social Security payments as early as age 62. On top of that, the desire to retire “early” is growing like wildfire. When considering the length of our lives and the cost of living compared with 1940, it’s no wonder we are having trouble keeping up with our retirement needs.

Did you know that writing your concerns down often helps to reduce the stress of worrying about them? Many of our clients worry about the future, but do not know how to get those worries on paper in a meaningful way. We strongly encourage clients to consider working with us to create a written FINANCIAL PLAN.

The coronavirus crisis has changed the economy and the way you invest in it. Does that make your 401(k) or 403(b) investments out of date? Here are three tips with action items to help you update your account today.

The irony of COVID happening in the year 2020 has not been lost on me. If we could ever hope to benefit from hindsight, that time is certainly now. While we have all spent years complaining about our daily grind, we suddenly miss it terribly; and the choices we once took for granted seem like luxuries. (I know that I am going through serious movie theater withdrawal.) Alas, changes must be made, and we humans have an incredible history of adaptability. I have been a financial advisor for more than 20 years, and I know there are positives even during tough times like these. From conversations with clients, friends, and family these past weeks, I would say that priorities have shifted. Most are missing family, some are cooking more, and many are recognizing that their personal finances cannot survive on autopilot. When I sat down to write this article, I immediately went to the thesaurus to look up alternatives to the word “plan.” Some people, like me, are natural planners. They make lists; they thrive on routine; they worry about what they may have missed. Others, quite literally, avoid any reference to the word. This article is for the latter group…and you know who you are.

Propel Financial Advisors works with you to determine the best investment approach for your IRA rollover. We work with our clients to craft personalized investment portfolios; you get a custom fit. We keep up with the markets and investment strategies so you can spend your time on what matters to you. We stay in regular contact with you and are always available.

This week's reads feature: (1) Warren Buffet's realistic message to investors; (2) AMC's side of the dispute with Universal over the Trolls World Tour movie; (3) A labor success story for Domino's workers in Southern California; (4) How Coronavirus has infiltrated critical food factories, including a bread mix factory in Southern Illinois; (5) An in-depth look at the state of the concert business. It's not just fans hurting, but also the venues, their employees, bouncers, roadies, and more who work summer concerts and festivals; and a Bonus article on the increase of Americans without retirement savings moving in with their millennial children.

This week’s read feature: (1) kinks in the US supply chain for masks, and (2) potential kinks for our farmers. We’re also watching (3) continuous legal changes with the CARES act, for example, changes to RMD rules this year; (4) looking to history to see how economies responded to past pandemics; and (5) economic policy suggestions from the International Monetary Fund.

This week's reads feature: (1) A very American story about capitalism consuming our national preparedness and resiliency; (2) A piece by, James Stewart, a highly regarded financial reporter for the New York Times and who appears regularly on CNBC, tells his personal story of investing through the current market turmoil. He tells how he lost his disciplined approach to investing in the emotional turmoil of the coronavirus. His problem? He was doing it all himself. A less emotional financial advisor would have been helpful in implementing a strategy that suited his objectives.; (3) Tom Colicchio, award-winning restaurateur, Top Chef head judge, and food activist, tells the story of what it’s like to lay off nearly 300 employees—and how he wants us to rethink unchecked capitalism; (4) As coronavirus sweeps the globe, there is not a single Trilogy Evo Universal ventilator — developed with government funds — in the U.S. stockpile; and (5) The CARES Act makes it easier to gain access to retirement accounts in a pinch, but they're not likely to be your best source of emergency cash.

Congress passed the SECURE Act in December of 2019 with bipartisan support. It is supposed to promote increased retirement savings, but the most glaring change is the ACCELERATED TAX on inherited retirement accounts. Thought Estate Tax was only imposed on the most wealthy? Think again. Come enjoy refreshments and have a conversation about what this law means for you.