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- Planning with IRA and 401(k) Assets in 2020 and Beyond
The biggest legislative change to retirement plans in more than a decade happened just before 12/31/19. The SECURE Act, among other things, eliminated the “stretch”, a core of estate plans for decades. Kimberly I. McCarthy, Esq., Senior Vice President and Chief Tax and Benefits Officer, Wealth Management Client Services, discusses the key changes under the new legislation and guidance. - Economic & Financial Market Review & Outlook- Summer 2020
The U.S. is suffering its worst economic downturn since the Great Depression with GDP estimated to have plunged at an annualized pace in excess of 30% in the most recent quarter after a 5% drop in Q1. The velocity of the decline is as stunning as its magnitude. This recession was, of course, self-imposed as much of the economy was shutdown beginning in March to halt the spread of COVID-19. - 2020 Changes to Required Minimum Distributions - What You Need to Know
<p>There have been a lot of changes regarding Required Minimum Distributions (“RMDs”) in the past 6 months! For anyone that wants to hit the pause button on this chaotic state of affairs and get an RMD “do over”, June 23rd was a good day. </p> <p>On Tuesday, June 23, 2020, the IRS released formal guidance expanding relief for participants in 401(k)/403(b) plans, IRAs, and their beneficiaries. Specifically, the new guidance extends existing relief backwards (to distributions taken as far back as 1/1/20); extends existing relief forward (by moving the deadline to “reverse” or “undo” an RMD from 7/15/20 to 8/31/20); and by providing a new category of relief (allowing inheritance beneficiaries to re-contribute their RMDs). </p> - Spring 2020: Economic & Financial Market Review and Outlook
Economic forecasts for 2020 have been upended as public health concerns prompted the shutdown of large parts of the U.S. economy in order to prevent rapid transmission of COVID-19. 2019 had concluded on a very healthy note as GDP grew at a 2.1% pace in the final quarter and 2.3% for the year.<sup>1</sup> A continuation of moderate growth seemed probable in 2020. If you recall, January and February economic data were solid, characterized by strong employment and a robust housing sector. - Market & Economy Outlook 2020
2019 was icing on the cake to a decade that began with trepidation coming out of the financial crisis and the Great Recession but proved to be extremely rewarding for U.S. investors. - Fall 2019: Market & Economy
U.S. financial markets have soared year to date through September 30, 2019. Not only has the Standard & Poor's 500 Index (S&P 500 Index) surged 20%, but bond prices have also climbed with the Bloomberg Barclays Aggregate Bond Index advancing 8.5%. Investors are struggling to ascertain the message of the markets. Does strength in stocks presage robust growth, or do plummeting interest rates, which caused bonds to rally, signal a sharp slowdown? - Summer 2019: Economy & Markets
Given its longevity and the fragility of the global economy, concerns abound over the expansion’s durability. There is little indication, however, of an impending downturn. U.S. GDP was off to a solid start in the first half of 2019, paced by a robust 3.1% annualized advance in Q1<sup>1</sup> and moderate growth of just over 2% likely for Q2. Our full year forecast, for GDP to increase in a range of 2% - 2.5%, is intact. <sup>2</sup>. - Financial Empowerment: Income-ing!
In our last Financial Empowerment article, we talked about the basics of financial planning. We reviewed the process and the major information needed to start building a plan. Of those pieces of information, we discussed income, expenses, assets, and liabilities. Today, we are going to focus a little more on one of those topics: income. - Washington Trust Hires Private Client Advisor in Greater Boston Market
The Washington Trust Company is pleased to announce that Alexander Olson has joined the Company’s Wealth Management Division as a Private Client Advisor. - The Final Road to Retirement
If you are in your 50’s, you’re at a pivotal point on your retirement savings and planning journey. More than 63% of Americans retire between the ages of 57 and 66.* The most common retirement age is 62. As you approach that final stretch, it’s time to look ahead to make sure you are taking the right steps towards your dream retirement.
