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When Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, several advantages were created for persons using Roth IRAs or 401(k) plan accounts to prepare for retirement.

I have a friend who was born and raised in Missouri, “the Show-Me State.” One day he explained to me that Missouri’s nickname is said to have originated in a statement made by Willard Duncan Vandiver of Boone County, Missouri, who served in the U.S. House of Representatives from 1897 to 1903.

Keeping family wealth and relationships in good shape

The old saying “Shirtsleeves to shirtsleeves in three generations” means family wealth that’s built by the first generation is eroded or even destroyed by the third generation, which squanders the assets it inherits through reckless spending, poor investment decisions and other mistakes.

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As we work with our clients to create a plan for retirement, we typically emphasize the importance of accurately forecasting the impact of healthcare costs. Let’s face it: as we grow older, the likelihood of increased spending for healthcare rises.

Given the continued rise in infection and hospitalization rates in 40 of the 50 states, it seems obvious that we are nowhere close to living in a “post–COVID-19 world.” And yet, experience and common sense persuade most of us that somehow, some way, modern science will find an answer to this latest global health threat.

Whether working remotely from home or in retirement, many of us have found ourselves with extra time on our hands as the coronavirus pandemic has forced us to avoid a number of activities we engaged in before the lockdown.

In February and March, when news of the coronavirus pandemic first broke, many of us starting feeling anxious and worried. Then, when the markets turned into a wild rollercoaster ride, the reaction of many was to feel even more stress and perplexity.

They say we get wiser as we get older, but let’s face it: Many new uncertainties and challenges can crop up as people get deeper into their golden years. Changes in physical health and issues with memory can mean you—or your elderly parents—might require new types of never-before-needed assistance.

The last time we discussed the pros and cons of refinancing your mortgage was in our blog dated September 9, 2019.