Dear Clients & Friends,
Happy New Year! It’s hard to believe that 2019 has come to a close and we are on to not only a new year, but a new DECADE! The Honans are extremely thankful to be celebrating 5 years of service at Janney this January.
We are so excited and privileged to be working with all of you as we begin this new year and decade of fresh opportunities and experiences!
Here are some Q4 Highlights and updates for 2020:
2020: NEW YEAR, NEW DECADE, NEXT STEPS
Every year, millions of Americans make New Year’s resolutions. What are your 2020 goals? Did increasing your wealth make your list? Let’s set you up for success by updating and defining your goals and taking the next step in your financial plan.
Ask us about these services below. These tools can help you memorialize a plan to meet your financial objectives.
· Estate Plan & Trust Review: What will happen to my legacy?
· Social Security Optimizer: When is the optimal time to begin taking social security?
· Education Planning Evaluator: How much will it cost to send my daughter...?
· Retirement Income Evaluations: Will I have enough income during retirement?
· Life Insurance Evaluator: Am I covered if…
· Pension Analysis: Lump Sum vs. Lifetime Income
CLIENT EDUCATION: NEW SECURE ACT
The Setting Every Community Up for Retirement Enhancement (SECURE) Act signed by President Trump on Dec. 20 is a game-changer for the U.S. retirement system and is particularly significant for Americans with retirement plans (including IRAs) and companies who sponsor retirement plans for their employees. The SECURE Act includes a lot of notable changes but some of the most prominent include:
· The age at which Required Minimum Distributions (RMDs) must begin is raised from 70 ½ to 72 for anyone who turns 70 ½ after Dec. 31, 2019.
· An IRA that is inherited by a non-spouse beneficiary will no longer be eligible for “stretch” treatment, which allows the recipient to take distributions over his or her life expectancy. The new rule requires (with a few minor exceptions) the inherited IRA to be distributed within 10 years following the death of the beneficiary. This will be effective for deaths after Dec. 31, 2019
Read more about the SECURE Act.
WHAT’S NEW WITH THE TEAM
Dan:
Dan spent Thanksgiving in Florida with his three kids.
The photo at the top left is a photo of him, Nellie and youngest daughter, Casey.
Nellie:
In December Nellie passed the exam administered by the Partnership for Financial Education, and is now a PFE Certified Debt Management Professional. The program was developed to ensure professionals providing debt management and related services have the knowledge and expertise required of them by employers, consumers and regulators. Nellie spends a lot of time working with Millennial and Gen X clients. She believes that with the increasing amount of debt younger people are incurring, it is an important topic to be able to address and conquer with these clients.
Kelsey:
Kelsey has been busy this winter volunteering with her daughter Olivia’s Daisy Girl Scout Troop and taking her to ski lessons at Sunday River ski resort in Bethel, Maine.
THE RESOURCE ROOM
Free Tax Filing Is Available to 70% of US Tax Payers
The IRS has a free tax filing portal where taxpayers who earned less than $69,000 in 2019 can file their federal return for free.
· You can file your taxes as soon as your employer(s) sends the forms you need, which should be on or before January 31.
· If you file electronically and request direct deposit for your refund, you should receive it within three weeks.
· Tax Day 2020 is Wednesday, April 15.
(***Even for the Mainers and those folks from Massachusetts who typically have extra time to file due to Patriots Day. This year Patriots Day is being Observed on April 20th***)
Source: Read more tax coverage at Business Insider by going to: https://www.businessinsider.com/free-tax-filing-instructions-irs-tax-season. Disclosure: We are not CPAs, please discuss tax related inquiries with your Tax Advisor
New Year, New Purchase? How is your credit?
Did you know you are entitled to a free copy of your credit report every 12 months from each of the three nationwide credit reporting agencies: Experian, TransUnion, and Equifax? You are also entitled to a free report if:
· A company has taken adverse action against you, such as denying you credit, insurance, or employment (you must request a copy within 60 days of the adverse action)
· You’re unemployed and plan to look for a job within the next 60 days
· You receive welfare benefits
· Your report is inaccurate because of fraud, including identity theft
Visit www.annualcreditreport.com for more information.
MARKET COMMENTARY
Explore the Investment Strategy Groups’ perspective on what may be ahead for the economy, as well as the equity, fixed- income and municipal markets in Janney’s Outlook 2020.
