Market Commentary – December 30, 2019

Market Commentary – December 30, 2019

Weekly Financial Market Commentary

December 30, 2019

Our Mission Is To Create And Preserve Client Wealth

2019 will be a hard act to follow.
Investors may find themselves reluctant to ring out the old and ring in the new this week. During 2019, stock and bond markets delivered exceptional returns.

Ben Levisohn of Barron’s reported the Dow Jones Industrial Average was up 23 percent at the end of last week, the Standard & Poor’s (S&P) 500 Index had gained 29 percent, and the Nasdaq Composite was up 36 percent.  The S&P 500 and Dow both closed at all-time highs.

Bond indices showed gains in the United States and around the world. The Bloomberg Barclays U.S. Aggregate Total Return Index was up 8.87 percent at the end of last week. Its global counterpart, the Bloomberg Barclays Global Aggregate Total Return Index, was up 6.63 percent for the same period.

After a year like 2019, when stock indices delivered exceptional returns, investors’ perceptions about their appetite for risk can change. Great market performance has a way of persuading people their tolerance for risk is higher than it has been in the past. The phenomenon has something to do with recency bias, which is a tendency to remember and weight recent events more heavily than past events.

In other words, during bull markets some people tend to forget about bear markets.

2019 was a wonderful year, but not every year will be like 2019. At the end of last week, the average annual return for the S&P 500 Index over the last 60 years, with dividends reinvested, was about 9.5 percent.

The fact that 2020 may not be like 2019 does not mean it’s time to sell. Successful financial plans and investment strategies should include well-diversified portfolios that are grounded in the investor’s life and financial goals. Every strategy and portfolio should be reviewed periodically and modified when goals have changed, a major life event has occurred, or the investor’s risk tolerance has changed.

If you would like to talk about your strategy and review your portfolio allocations, give us a call. We’d like to hear from you.

The holidays are almost over.
Ahh, the season of good cheer and regifting is coming to an end. Before we head into 2020, the Ohio Department of Transportation deserves a holiday salute for promoting safe driving with holiday humor. About 130 highway message boards across the state offered communications like these:

  • Life is fra-gee-lay. Drive safe.
  • Stay to the right. Santa needs the left lane tonight.
  • If your relatives make you drink, don’t drive.
  • Can I refill your eggnog, Eddie?  — Clark
  • Deck the halls/ No phone calls/ Fa la la la la
  • Drop the phone. We triple dog dare you.

Weekly Focus – Think About It
“I hope that in this year to come, you make mistakes. Because if you are making mistakes, then you are making new things, trying new things, learning, living, pushing yourself, changing yourself, changing your world. You’re doing things you’ve never done before, and, more importantly, you’re doing something.

So that’s my wish for you, and all of us, and my wish for myself. Make new mistakes. Make glorious, amazing mistakes. Make mistakes nobody’s ever made before. Don’t freeze, don’t stop, don’t worry that it isn’t good enough, or it isn’t perfect, whatever it is: art, or love, or work, or family, or life.

Whatever it is you’re scared of doing, do it.
Make your mistakes, next year and forever.”
–Neil Gaiman, Author

 

Best regards,
John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

Treasury Note is simply the yield at the close of the day on each of the historical time periods. 
Sources: Yahoo! Finance, MarketWatch, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.

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* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Sources:
https://www.barrons.com/articles/dow-jones-industrial-average-closes-at-record-high-good-luck-next-year-51577491993?mod=hp_DAY_3 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-30-19_Barrons-The_Dow_is_Closing_Out_2019_with_a_Bang-Good_Luck_in_2020-Footnote_1.pdf)
https://www.bloomberg.com/quote/LBUSTRUU:IND (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-30-19_Bloomberg-US_Aggregate_Total_Return_Value_Unhedged_USD-Footnote_2.pdf)
https://www.bloomberg.com/quote/LEGATRUU:IND (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-30-19_Bloomberg-Global_Aggregate_Total_Return_Index_Value_Unhedged_USD-Footnote_3.pdf)
https://bucks.blogs.nytimes.com/2012/02/13/tomorrows-market-probably-wont-look-anything-like-today/
https://dqydj.com/sp-500-historical-return-calculator/ (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-30-19_DQYDJ-S_and_P_500_Historical_Return_Results-Footnote_5.pdf)
https://www.news5cleveland.com/news/state/santa-needs-the-left-lane-tonight-odot-promotes-safe-driving-with-holiday-inspired-signs
http://www.dot.state.oh.us/news/Pages/Christmas-2019-Messages.aspx
https://www.goodreads.com/quotes/tag/new-year

How Do You Celebrate the New Year?

How Do You Celebrate the New Year?

How Do You Celebrate the New Year?

From early Babylonians to present-day Americans, people have been celebrating the beginning of every New Year for almost four thousand years!1 Here are a few ways people celebrate the holiday in the United States:2

  • 61 percent of American adults say a prayer on New Year’s Eve
  • 44 percent plan to kiss someone at midnight
  • 22 percent fall asleep before the New Year arrives
  • 45 percent make resolutions to lose weight, spend less, save more, etc.
  • 73 percent keep their resolutions for less than two days

One million people gather in Times Square and 2,000 pounds of confetti fall on their heads. One billion people around the world watch festivities on television. Ushering in the New Year is a momentous event.2

If you have any momentous events in your life – marriage, birth, death, divorce, or something else – please let us know. We want you to be secure financially as momentous changes can alter financial plans.

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We recently came across a story that, to us, is a perfect example of what this holiday season is really all about. We thought you might like to read it, too.

As you know, this is the time of year when children feverishly craft their wish lists, and dream of the presents they might find waiting for them.  When every girl and boy has visions of Sony PlayStations and the newest, most popular toys.

This is to be expected. Most of us did it when we were kids. Our parents did it, too. As did our grandparents, and their parents before them. The toys change with each generation, but the desire is as old as time.

But as we get older, every generation learns what the previous one already knows: This time of year isn’t just for getting. It’s for giving. Enter the Burrito Boyz.

***

iPads. iPhones. MacBooks. As Michael Johnson looked over his son’s Christmas list, he felt increasingly unnerved by the boy’s tendency to focus more on gadgets and gizmos than on giving.1  That’s when he decided something needed to change. It was time for his son to learn what the world was like off-screen.

So, Michael and his wife Mehrnaz came up with a novel idea. One December morning shortly before Christmas, they woke their son Alec and his friend Luke and put them to work making egg-and-cheese burritos. The boys made fifty-four in total, then followed Alec’s parents into downtown San Diego to hand them out to the homeless and hungry.2

At first, the two boys thought it was torture. Punishment for doing something wrong. And at first, the two parents thought it would be just a temporary diversion. A brief but vital lesson about how most people don’t have the luxury of wishing for iThis or e-That.

But the next Sunday, the family decided to do it again. And again. 

And again.

From fifty-four burritos to hundreds at a time. From just Alec and Luke to seven other boys from their soccer team. Each was given a job. One would scoop the eggs. Another was in charge of cheese. A third oversaw baking, and so on.1  Soon, they no longer needed to be told what to do. They volunteered to do it.

Soon they realized that giving back wasn’t just fun. It was rewarding.

And thus, the Burrito Boyz were born.

That was nine years ago. Today, the Johnsons’ little project has blossomed into a full-blown non-profit organization. Every Sunday, the boys still go out, giving burritos and bottled water to people in need. They also provide clothes, books, and joy to everyone they meet.

As one person put it, “I really look forward to my Sundays. It’s amazing to see these boys. They’ve got the most beautiful hearts.”3

Now, almost a decade later, having served over 75,000 meals4 to their community, the Burrito Boyz know what our parents knew, and their parents, too: That little acts of kindness, of generosity, of service are far more valuable than any gadget ever could be.

***

We hope you enjoyed this inspiring story. From everyone at Research Financial Strategies, we wish you a wonderful holiday season spent with family and friends. Thank you for all the kindness and generosity you have shown us.

Happy Holidays – and a Happy New Year!

1- “How 1 dad inspired teenagers to make burritos for the homeless,” Yahoo, https://news.yahoo.com/blogs/the-upbeat/1-dadinspired-teenage-kids-33-000-burritos-151030526.html
2- “Teens Deliver 33,000 Burritos to the Homeless,” Daily Good, http://www.dailygood.org/story/517/teens-deliver-33-000-
burritos-to-the-homeless-the-huffington-post/
3- “Burrito Boys deliver food and friendship,” The San Diego Union-Tribune, https://www.sandiegouniontribune.com/sdutburrito-
boys-deliver-food-and-friendship-2011dec23-story.html
4- “About Us,” The Burrito Boyz, http://www.burritoboyz.org/about-us/

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Are you looking for a financial advisor?  Do you feel confident about your retirement account decisions? Business owner looking for a company 401K plan administrator? Or an athlete or high net worth individual needing long term financial planning advice? Research Financial Strategies can help. We are here to help you design a financial strategy that is molded specifically for you. One that changes as your life changes. Financial investments to help you live worry-free now and in the future.

In our experience, we’ve found that the most successful solutions begin by asking the right questions.
We gain a broader perspective of your goals and the future you wish to create

Today is a Good Day to Start Your Financial Plan

1. We Listen

Our focus is on your life and priorities. Not just your portfolio. That’s why we start by listening and learning about you. Each individual client has different needs and concerns that need to be addressed. We carefully listen to those concerns. We will gain important information that will help us to best serve our clients and help protect their financial futures.

2. Plan

Together we will work to implement the plan that was developed for you. We will keep you constantly updated on what is happening and evolve our plan as your life happens.
Above all, our advisors want to help you meet your goals, even if that means helping you find out what your goals are.

3. We Take Care Of The Rest

We are here for you whenever you need us. Call your Research Financial Strategies Financial Advisor at any time, for any reason. You will always have access to the guidance you need whether it is high tech, high touch or a combination of the two. Your personal Financial Advisor will help you figure out how to pay for life’s great adventures!

 

Ready to Make a Change?

With an “education first” approach, Research Financial Strategies ensures that our clients understand how their money is being invested, and we guide the development of financial plans that help them achieve their goals for personal wealth and retirement security.

How Can We Help?

Annuities, Potomac, Annuity, Bethesda,  Annuity Advisor, Rockville, 

How several boys learned that the holiday season is a time for giving, not getting

How several boys learned that the holiday season is a time for giving, not getting

How several kids learned that the holiday season is a time for giving, not getting

by delivering breakfast burritos to the hungry and homeless.
Let's Talk!

We recently came across a story that, to us, is a perfect example of what this holiday season is really all about. We thought you might like to read it, too.

As you know, this is the time of year when children feverishly craft their wish lists, and dream of the presents they might find waiting for them.  When every girl and boy has visions of Sony PlayStations and the newest, most popular toys.

This is to be expected. Most of us did it when we were kids. Our parents did it, too. As did our grandparents, and their parents before them. The toys change with each generation, but the desire is as old as time.

But as we get older, every generation learns what the previous one already knows: This time of year isn’t just for getting. It’s for giving. Enter the Burrito Boyz.

***

iPads. iPhones. MacBooks. As Michael Johnson looked over his son’s Christmas list, he felt increasingly unnerved by the boy’s tendency to focus more on gadgets and gizmos than on giving.1  That’s when he decided something needed to change. It was time for his son to learn what the world was like off-screen.

So, Michael and his wife Mehrnaz came up with a novel idea. One December morning shortly before Christmas, they woke their son Alec and his friend Luke and put them to work making egg-and-cheese burritos. The boys made fifty-four in total, then followed Alec’s parents into downtown San Diego to hand them out to the homeless and hungry.2

At first, the two boys thought it was torture. Punishment for doing something wrong. And at first, the two parents thought it would be just a temporary diversion. A brief but vital lesson about how most people don’t have the luxury of wishing for iThis or e-That.

But the next Sunday, the family decided to do it again. And again. 

And again.

From fifty-four burritos to hundreds at a time. From just Alec and Luke to seven other boys from their soccer team. Each was given a job. One would scoop the eggs. Another was in charge of cheese. A third oversaw baking, and so on.1  Soon, they no longer needed to be told what to do. They volunteered to do it.

Soon they realized that giving back wasn’t just fun. It was rewarding.

And thus, the Burrito Boyz were born.

That was nine years ago. Today, the Johnsons’ little project has blossomed into a full-blown non-profit organization. Every Sunday, the boys still go out, giving burritos and bottled water to people in need. They also provide clothes, books, and joy to everyone they meet.

As one person put it, “I really look forward to my Sundays. It’s amazing to see these boys. They’ve got the most beautiful hearts.”3

Now, almost a decade later, having served over 75,000 meals4 to their community, the Burrito Boyz know what our parents knew, and their parents, too: That little acts of kindness, of generosity, of service are far more valuable than any gadget ever could be.

***

We hope you enjoyed this inspiring story. From everyone at Research Financial Strategies, we wish you a wonderful holiday season spent with family and friends. Thank you for all the kindness and generosity you have shown us.

Happy Holidays – and a Happy New Year!

1- “How 1 dad inspired teenagers to make burritos for the homeless,” Yahoo, https://news.yahoo.com/blogs/the-upbeat/1-dadinspired-teenage-kids-33-000-burritos-151030526.html
2- “Teens Deliver 33,000 Burritos to the Homeless,” Daily Good, http://www.dailygood.org/story/517/teens-deliver-33-000-
burritos-to-the-homeless-the-huffington-post/
3- “Burrito Boys deliver food and friendship,” The San Diego Union-Tribune, https://www.sandiegouniontribune.com/sdutburrito-
boys-deliver-food-and-friendship-2011dec23-story.html
4- “About Us,” The Burrito Boyz, http://www.burritoboyz.org/about-us/

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In our experience, we’ve found that the most successful solutions begin by asking the right questions.
We gain a broader perspective of your goals and the future you wish to create

Today is a Good Day to Start Your Financial Plan

1. We Listen

Our focus is on your life and priorities. Not just your portfolio. That’s why we start by listening and learning about you. Each individual client has different needs and concerns that need to be addressed. We carefully listen to those concerns. We will gain important information that will help us to best serve our clients and help protect their financial futures.

2. Plan

Together we will work to implement the plan that was developed for you. We will keep you constantly updated on what is happening and evolve our plan as your life happens.
Above all, our advisors want to help you meet your goals, even if that means helping you find out what your goals are.

3. We Take Care Of The Rest

We are here for you whenever you need us. Call your Research Financial Strategies Financial Advisor at any time, for any reason. You will always have access to the guidance you need whether it is high tech, high touch or a combination of the two. Your personal Financial Advisor will help you figure out how to pay for life’s great adventures!

 

Ready to Make a Change?

With an “education first” approach, Research Financial Strategies ensures that our clients understand how their money is being invested, and we guide the development of financial plans that help them achieve their goals for personal wealth and retirement security.

How Can We Help?

Annuities, Potomac, Annuity, Bethesda,  Annuity Advisor, Rockville, 

Market Commentary – December 30, 2019

Market Commentary – December 23, 2019

Weekly Financial Market Commentary

December 23, 2019

Our Mission Is To Create And Preserve Client Wealth

Let’s hear it for 2019!
Major stock indices in the United States and overseas are poised to deliver double-digit gains for the year. Even with uncertainty about Britain’s exit from the European Union (EU), the FTSE 100 boasted a gain of more than 10 percent at the end of last week. That’s not bad for a year which included (in the United States) an inverted yield curve, an earnings recession, and a contentious trade war.

The strong stock market performance of 2019 owes a lot to central banks, and so does the performance of the bond market. Reuters reported,  “…the screeching change of direction by the world’s top central banks, led by the Federal Reserve, which cut U.S. interest rates for the first time since the financial crisis more than a decade earlier…fired bond markets up like a rocket. U.S. Treasuries, the world’s benchmark government IOU, have made a whopping 9.4 percent after yields plunged as much as 120 basis points…German Bunds – Europe’s safest asset – have had their best year in five years, making roughly 5.5% in euro terms as the European Central Bank has reversed course too.”

So, what lessons should we take from 2019?
Perhaps, we should try to come to terms with loss aversion. When you make an investment decision, it’s important to consider the impact of loss aversion on your thinking. The pain from a loss carries twice the impact of the pleasure from a gain. As a result, fear of loss may affect investment decision making.

2019 offered a great example. During a year of exceptional returns, investors pulled money out of stocks at a record pace because they were worried about recession and other issues. Axios reported,  “Data from the Investment Company Institute shows money has been pulled out of [stock investments] in every month this year except January. In total, more than $130 billion has been drawn from [stock investments] in 2019, making it already the largest year of outflows on record.”

When it comes to investing, uncertainty is normal. It is part of investing. Tolerating uncertainty may help investors earn attractive returns. As a result, our advice is to stay invested even when uncertainty makes you nervous, even when markets are falling.

If you have a diversified portfolio built to help you reach your goals, stay with it, unless you risk tolerance has changed. In 2019, pulling money out of stocks meant some investors missed out on some exceptional returns.

Treasury Note is simply the yield at the close of the day on each of the historical time periods. 
Sources: Yahoo! Finance, MarketWatch, djindexes.com, London Bullion Market Association.
Past performance is no guarantee of future results. Indices are unmanaged and cannot be invested into directly. N/A means not applicable.

The secure act may affect your retirement and your legacy planning
Last week, reports indicated the ‘Setting Every Community Up for Retirement Enhancement’ (SECURE) Act was attached to the federal spending bill President Trump signed into law on Friday.

The SECURE Act is intended to expand retirement savings opportunities. Many of its provisions make it easier for Americans to save more for retirement and, also, to convert their savings into income for retirement. The Act will change IRA rules in some significant ways. For instance, Drinker Biddle and Barron’s reported:

  • Contribute to IRA accounts at any age. In the past, Americans had to stop contributing to IRAs at age 70 ½.
  • Begin taking required minimum distributions (RMDs) at age 72. The age for RMDs was pushed to 72 from age 70 ½.

The Act also changes post-death IRA distribution rules, eliminating stretch IRA estate planning strategies. Barron’s explained, “Under the bill, beneficiaries of an IRA would need to draw down the account – and pay income tax on the money – over a decade, rather than a lifetime.” This will affect some legacy planning strategies and necessitate the adoption of alternative solutions.

Workplace plans may change, too. Part-time workers are now eligible to participate in defined contribution plans as long as certain criteria are met. The Act also made it easier for defined contribution plans of all sizes to add lifetime income options to plan investment lineups.

In addition, the incentive for smaller business owners to establish workplace retirement plans increased. Tax credits, of up to $5,000 for three years, can be claimed to offset plan start-up costs. Additional tax credits are possible when new plans include automatic enrollment features or existing plans add automatic enrollment features.

If you would like to discuss how the SECURE Act may affect your retirement, business, or legacy plans, please give us a call.

Weekly Focus – Think About It
“I feel that one of the most important lessons that can be learned is that what we ‘see’ may be different than what is actually in front of us.”
–Mark Singer, Journalist [8]

Best regards,

John F. Reutemann, Jr., CLU, CFP®

P.S.  Please feel free to forward this commentary to family, friends, or colleagues. If you would like us to add them to the list, please reply to this email with their email address and we will ask for their permission to be added.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

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* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
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Sources:
https://www.barrons.com/market-data?mod=BOL_HAMNAV (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-23-19_Barrons_Market_Data.pdf)
https://www.barrons.com/articles/the-s-p-heading-for-best-year-since-2013-what-fueled-the-rally-51576891986?mod=hp_DAY_3 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-23-19_The_S%26P_Is_Heading_for_Its_Best_Year_Since_2013.pdf )
https://www.reuters.com/article/us-global-markets-2019-graphic/the-best-year-financial-markets-have-ever-had-idUSKBN1YO266
https://thedecisionlab.com/biases/loss-aversion
https://www.axios.com/2019-record-cash-pulled-out-stocks-5d4763a9-5724-4c64-be23-356c4fcbd002.html
https://www.drinkerbiddle.com/insights/publications/2019/12/congress-finally-passes-the-secure-act
https://www.barrons.com/articles/navigating-the-secure-act-what-retirement-savers-need-to-know-to-optimize-their-401-k-s-and-iras-51576886142?mod=hp_LEAD_3 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/12-23-19_Navigating_the_Secure_Act_What_Retirement_Savers_Need_To_Know_To_Otimize_Their_401ks_And_IRAS.pdf)
https://www.fool.com/retirement/general/2014/08/31/5-retirement-quotes-to-make-you-a-smarter-investor.aspx

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