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The Flyer:

by Propel Financial Advisors

News & Insights

Want to learn more about a specific area of finance, investing or tax? We'd love to hear from you! Contact us via email on Facebook or LinkedIn.

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News From the Control Tower - 4/1/2020

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.

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Women’s History Month, Financial Literacy and Homeschooling in March, 2020

March marks a celebration of both Women’s History Month and Financial Literacy Month. As a financial advising firm majority-owned by women, this month should be right up our alley. March 2020, though, is like no other March most of us have ever experienced with incredible upheaval in people’s daily lives. For many, schools are closed and parents are searching for tools and resources to help teach their children. We decided to combine Women’s History Month, Financial Literacy, and the quest to find homeschooling resources. We hope some of these materials can help parents as they navigate the coming days at home with their children.

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Hate Taxes? Then you need to hear this. RSVP now.

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.

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What's Eating You?: A Breakfast Chat with Propel Financial Advisors - 1/18/20

Join us for a complimentary breakfast buffet and a lively Q&A session. Topics will include: financial planning for 2020, savings vehicles you didn't even know existed, new and ignored tax issues, and estate planning documents that you really do need. For our police and fire trustees, we will also discuss protecting your retirement in light of the new consolidation law. Pomegranate Restaurant - Aurora, IL Saturday, January 18th - 9:30-11:00 a.m.

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The SECURE Act: Its Impact on your Retirement Planning

In late May 2019, the House passed the Secure (Setting Every Community Up for Retirement Enhancement) Act by a bipartisan majority (417-3). The bill currently awaits passage by the Senate. Many analysts expect it to pass substantially as-is, although there is some squabbling over revised rules for 529 plans (college savings plans). The impetus behind the bill is to help rectify the looming retirement crisis – the majority of Americans are not on track with their retirement savings. One goal of the act is to incentivize employers to put retirement plans in place.

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Taking Charge of your Pay Day: The Tax Savings Benefits of Health Savings Accounts (HSAs)

When we first bring up the idea of a Health Savings Account, we’re often met with reluctance. The general assumption seems to be that HSAs have too many stipulations and are too complicated to set up and maintain. That may have been the case several years ago when Health Care Savings Accounts and Flexible Spending Accounts (similar with different rules to HSAs) were first used regularly. Nowadays, HSAs are relatively simple to administer and provide a nice tax advantage for those that qualify.

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The Savings Crisis: Why Are Americans so Ill-Prepared?

Financial Stability does not have a simple definition in terms of the American household. We polled friends, family and clients to see how they would define it. Most of our responses alluded to having enough money to cover your bills and being able to address emergencies. One response was very direct and simply stated, “Uncommon.” My favorite response was, “when your kids move out of the house.”

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