As financial planners we are often asked how Social Security works, how benefits are calculated and the type of claiming strategy we recommend.
Retirement Planning
SECURE Act 2.0 was signed into law on December 29, 2022 with bipartisan support in both the house and senate. The act comprises three retirement focused bills into one and builds on the original Act passed in 2019 (SECURE Act). There are nearly 100 provisions with some taking place immediately (1/1/2023) and others taking place in 2024, 2025, and 2033. The overall goal of the Act is to address the difficulty Americans face when it comes to saving for retirement.
Investing, Banking Industry News
The efforts of the FDIC, Treasury, and Federal Reserve have successfully mitigated contagion risk and a material loss of confidence in the U.S. banking system. Going forward, it is reasonable for investors to expect more stringent lending standards at the community and regional banks as a result of the failure of Silicon Valley Bank. Tighter lending standards will have the follow-on effect of slower loan growth and in turn, this will negatively impact economic growth. Despite this, there are several reasons to remain positive.
Investing
Investors are no worried about if the Federal Reserve can achieve a “soft landing” - bringing down inflation without putting us into a recession - as they continue their path of tighter monetary policy.
