We have frequently discussed the substantial and timely monetary policy support from the Federal Reserve and the massive fiscal stimulus from the federal government. Their efforts have largely blunted the full impact of the economic shutdown and delayed the financial consequences for many. However, real economic damage has occurred in many areas of the domestic economy, especially for individuals and economic sectors that were already vulnerable. That damage is being revealed as the economy begins to open and the effects of government support start to fade. Consider the retail sector that was facing significant disruption due to online retailing prior to the pandemic. The shift in consumer behavior has been exacerbated by Covid-19 as people are reticent to return to brick & mortar stores.
if you're saving for retirement and are in your 50's, it may be time to reassess your plan
Once you hit your 50s, retirement is no longer something happening far off in the future. Whether you have been a super-saver your entire career or are just starting to think about retirement, it’s time to take a serious look at what you expect your golden years to look like.
For those in their 50s, “it is the most important time to really figure out where they are, reassess their goals long term and really focus on planning,” said certified financial planner Diahann Lassus, co-founder, president and chief investment officer of wealth-management firm Lassus Wherley, a subsidiary of Peapack-Gladstone Bank.
will this strategy help my roth ira conversion be tax-free?
Married filing separately at any age is $5. (Not a type-o. Check page 9 of this IRA guide)."These amounts — other than for married filing separately — are the standard deduction amounts for each filing status and are generally indexed annually for inflation,” she said.
The Planning Quarterly - August 2020
Welcome to our inaugural issue of the Peapack Private Planning Quarterly.
Planning issues arise at every stage of life—the articles here address a few of them. Each quarter, we’ll take a deep dive into topics our clients find meaningful.
Please reach out to our authors—or to any of our investment and planning professionals—with your questions. Our guidance can help you achieve your financial goals.