In the midst of the financial tumult caused by the COVID-19 crisis, you’re probably thinking a lot about whether or not your investments and assets are protected. Here’s what you need to know, for both deposit accounts and brokerage accounts. Two Categories of Risk You already know that when you’re placing your money with any financial institution—whether depositing cash in your bank or purchasing investments—there’s inherent risk. It’s important to be able to distinguish between two high-level types of risk. (Of course, there are a number of other types of risk that come with managing your finances and investing, but we’re Read More
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What the CARES Act Means for Small Business Owners The $2 trillion, 900-page Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 is a historic package that seeks to provide support to individuals, families and businesses during this “social distancing” recession. If you’re a small business owner, you may qualify for a chunk of this change, which includes $500 billion for support to industries hurt by the crisis, and $400 billion in tax credits for wages and payroll tax relief. This small business support will come in several forms: • Paycheck Protection Program • Employee Retention Credit • Deferral Read More
What The Newly Passed CARES Act Means For You The Coronavirus has infected our life in many ways. Family and friends are sick, quarantined or under a stay-in-place order. The stock market is increasingly volatile. The kids are out of school. Restaurants and shopping malls are closed. More than three million unemployment claims were filed in one week. If you are laid off or you have closed your business, you know the headlines. After much deliberation, Congress responded. President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, (CARES Act), a $2 trillion stimulus package to Read More
If you have big university dreams for your kids, then you know there’s a big tuition bill in your future. Get ready with our guide to everything you need to know about saving for college. How much do you need to save for college? The answer, of course, varies widely: Community college or four-year university? Private or public? In-state or out-of-state? The latest reported data* on average annual tuition and fees shows anywhere from around $10,000 for a public, in-state institution to $36,801 for a private institution. The best answer to the question of how much parents should save, then: Read More
Financial security: It’s where the numbers and your money mentality come together to ensure a stable future. Being financially secure means different things to different people. In one sense, it’s all about the numbers: having a steady income, a solid retirement plan, growing savings, and more than enough in your emergency fund to cover unexpected expenses. In another sense, it’s all about how you feel about your financial situation—both your current situation and your prospective future situation. Do the numbers give you peace of mind? Or do they keep you up at night? It’s likely something you’re considering more and Read More
What are your investment goals? That’s the most important question to ask as you consider asset allocation approaches. Here we take a close look at two different investment strategies: strategic asset allocation and tactical asset allocation. Understanding Asset Allocation Asset allocation refers to divvying up your investments among different asset classes in a way that balances risk and reward. Exactly what your portfolio mix is—how much you have in each asset class, such as stocks, bonds, cash, and real estate—determines in large part your overall returns. The most important thing to remember? Your asset allocation should always reflect your goals. Read More
All signs are pointing to more tough weeks for investors: Coronavirus cases are up, lockdowns and shelter-in-place mandates are increasing, the Dow Jones and S&P 500 continue to fall, and experts are forecasting dramatic plunges in the U.S. GDP for coming quarters. It’s all part of what we are calling the “social distancing recession,” and you may be wondering what this all means for you. We recently held a webinar for Ironwood Wealth Management clients to discuss the current state of the economy and to answer investor questions. Here are our top takeaways. Investors are spooked. The speed at which Read More
“This time is different”: The past 2 weeks have brought hysteria to global stock markets, concerned over the daily spread of the coronavirus. The advisors at Ironwood want to provide guidance and leadership during times like these; and to remind our clients the importance of remaining disciplined, by avoiding impulsive investment decisions based upon uncertainty and fear. During challenging periods investors often operate under the mindset that “this time is different” – which is indeed true. Every stock pullback has been triggered by circumstances which were different than the past, yet the long-term results have remained the same: markets power Read More
When Is the Right Time to Hire a Wealth Advisor? When you were early in your career and retirement was decades away, “wealth management” may not have been something you thought much about. At that time, you may have been more focused on accelerating your career path and making sure you were making the max contribution to your 401k, along with building a comfortable nest egg. But as you get closer to retirement — within a decade or so — managing your finances and your assets increases in complexity. Let’s face it: There are a number of risks in Read More
Creative Financial Strategies for the New Year Start 2020 on strong financial footing by including one or more of these strategies in your planning. Of course, we recommend talking to your financial advisor or wealth manager to help you determine what is best for you. Strategy #1: Update your beneficiary designations on your IRA accounts. Why this matters: The SECURE (Setting Every Community Up for Retirement Enhancement) Act became law on December 20, 2019, and it alters several rules related to tax-advantaged retirement accounts. Two notable changes: It moves back the age at which retirement plan participants need to take Read More