March 17, 2020
Yep. We’re officially in a “bear market” and you are wondering what you should do next. In most cases, the answer is nothing at all. A bear market, defined as a decline of more than 20% from its previous high, occurs with some regularity and has occurred approximately once in every five years since WWII.
...Due to concerns over the current health crisis we are encouraging alternatives to face to face meetings. In doing so, we are now conducting client meetings on the phone using screen sharing and video conferencing software (Zoom) where possible.
In addition to the above, we are reducing in-office staff to essential personnel with most of our staff working remotely. As such, all staff members have been assigned a direct phone number where they can be reached during normal business hours. Additionally, all staff members will remain available via email and will check their messages regularly. We do not anticipate interruptions to our normal work flow or our ability to serve you.
...Portfolio Advisors, Inc. will be closed for the following 2020 holidays on the dates listed below:
With each office closure we will be back the following business day during normal business hours.
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Typical conversations with financial advisors have historically revolved around client cash flow needs, returns, savings rates, taxes and the economic environment. Although these discussions warrant review, as practitioners within the industry of providing comprehensive financial advice we continue to evolve in our approach by implementing new tools and insights. The concept of Return on Life focuses on a more encompassing value proposition as opposed to measuring success based solely by return on investment. The Return on Life belief system views money as a tool, which aids in providing the best quality of life possible given the resources available. Through experience, understanding of our clients’ backgrounds, belief systems and values, we ultimately enable deeper measurements of well-being and financial progress.
Key to our focus on Return on Life planning is a deeper understanding of how clients view and use their money. In doing so, we gain insight into determining if their use of money aligns with their goals and what they ultimately want out of life. Expertise in understanding our clients’ story is central, with the numbers viewed peripherally. Dimensions beyond the financial data is as important as the data itself. By engaging in Return on Life discussions, more substantive and fruitful discussions ultimately provide superior and more gratifying planning experiences.
...Legislation passed by the House of Representatives on May 23rd would dramatically change current IRA tax law. The bill, entitled the “SECURE Act", would change the age at which one must begin taking IRA distributions. It would also change distribution requirements for IRAs inherited by children or other non-spousal heirs. The bill passed with wide bipartisan support in a vote of 472-3.
Under current IRA law, one must begin taking their required minimum distributions at age 70 ½. The "SECURE Act" would allow IRA owners to delay taking their required minimum distributions until age 72. This change would allow IRA owners to benefit from the advantage of tax deferral over a longer period of time. Most will view this as a positive change.
...1. You’re financially ready.
The most common question we field from our clients is, “How much do I need to retire?” While there’s no magic number to hit, a few key checkpoints are:
...Portfolio Advisors, Inc. will be closed for the following 2019 holidays on the dates listed below:
With each office closure we will be back the following business day during normal business hours.
...Many of our clients anticipate the likelihood that some level of long-term care may be needed at a future date. As we work together toward constructing comprehensive financial plans, addressing and preparing for uncertainties is a critical consideration. Costs for various levels of care such as in-home, assisted living and skilled nursing may be significant. A common approach to addressing the impacts of long-term care costs is analyzing trade-offs between self-insuring (relying on income sources such as Social Security, pensions, retirement accounts, etc.) or purchasing / maintaining a long-term care insurance policy. As financial planners, our focus is creating viable game plans to combat these uncertainties with the appropriate reflection and preparation.
According to Morningstar statistics, roughly 52% of Baby Boomers turning age 65 will experience a long-term care need, averaging a 2-year facility stay during their lifetimes. Given these staggering statistics, periodic financial assessment is imperative. Utilizing sophisticated financial planning tools, our team works with clients in determining the potential effects of future care costs. Once general information is collected, our typical approach is then to demonstrate specific events that may adversely affect an individual’s standard of living. Our team has the capability to model alternative financial decisions, ideally arriving at an agreeable solution to diminish future financial stresses. As an example, we may determine (though some assumptions) purchasing or maintaining a long-term care insurance policy may be most beneficial and demonstrate the policy benefits for when certain levels of care are needed. More specifically, further analysis may include illustrations to trade-offs between payments for long-term care insurance premiums versus alternative uses for these dollars. Through our periodic meeting reviews, the foundations to a comprehensive financial plan is paved.
...Markets have been up and down this year, which can alarm many investors. During periods like these, hearing stories about how other people deal with uncertainty can be helpful.
Our story is from Dave Goetsch, an executive producer of the popular television show, The Big Bang Theory. Even though he and other writers on the show make common sense out of complicated science for a living, Dave used to respond to market fluctuations with panic rather than logic. His point of view has changed fundamentally when he learned that there was a different way to think about investing and discovered a new path for his financial life.
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Housing Boomed Again In December
The big news for investors this week is not about the new President, the impeachment, or Covid stimulus and relief.
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