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Election 2020: Uncertainty Creates Potential for Market Swings

Posted by The Axial Company

 

With the presidential election just around the corner, we want to keep you informed on possible tax policies and plans in place depending on who will win. The below article will explain, in brief, the major points of each candidates plan.

After the election, we will be in touch with additional year end tax planning information in more detail.

As always, please feel free to contact us with any questions.  

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Axial's Annual Social Security & Retirement Planning Webinar

Posted by The Axial Company

Social Security and Retirement Planning: Expert Answers to your Social Security Questions

As Baby Boomers reach retirement age, they are beginning to realize that Social Security is going to play a bigger part in their retirement than they had previously thought. But they are also starting to realize that they don’t know as much about the system as they should.

Join Axial Financial Group & Kurt Czarnowski, the Social Security Administration’s former Regional Communications Director for New England, who will provide a wealth of information about the system.

He will cover topics such as: when you can start to collect, how your benefit is calculated, and the impact of working in retirement, as well as several strategies that couples can employ to maximize their Social Security benefits.

When: October 22nd, from 2:00pm to 3:00pm ET

To register, please click on the link below and you will be re-directed to our sign-up page.  

We hope you can join us for this informative call!

 

 

© The Axial Company. All Rights reserved. 5 Burlington Woods, Suite 102 Burlington, Massachusetts

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Medicare Open Enrollment 2021

Posted by The Axial Company

Medicare Open Enrollment for 2021 Begins October 15

The annual Medicare Open Enrollment Period is the time during which Medicare beneficiaries can make new choices and pick plans that work best for them. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15 and runs through December 7 — is your opportunity to switch Medicare health and prescription drug plans to better suit your needs.

During this period, you can:

  • Join a Medicare prescription drug plan (Part D)
  • Switch from one Part D plan to another Part D plan
  • Drop your Part D coverage altogether
  • Switch from Original Medicare to a Medicare Advantage plan
  • Switch from a Medicare Advantage plan to Original Medicare
  • Change from one Medicare Advantage plan to a different Medicare Advantage plan
  • Change from a Medicare Advantage plan that offers prescription drug coverage to a Medicare Advantage plan that doesn't offer prescription drug coverage
  • Switch from a Medicare Advantage plan that doesn't offer prescription drug coverage to a Medicare Advantage plan that does offer prescription drug coverage

Any changes made during Open Enrollment are effective as of January 1, 2021.

Review plan options

Now is a good time to review your current Medicare plan to see if it's still right for you. Have you been satisfied with the coverage and level of care you're receiving with your current plan? Are your premium costs or out-of-pocket expenses too high? Has your health changed? Do you anticipate needing medical care or treatment, or new or pricier prescription drugs?

If your current plan doesn't meet your health-care needs or fit within your budget, you can switch to a new plan. If you find that you're satisfied with your current Medicare plan and it's still being offered, you don't have to do anything. The coverage you have will continue.

Medicare Part B (hospital insurance) premium and deductible costs capped for 2021

A provision of the short-term government spending bill recently passed by Congress and signed by President Trump limits potential Medicare Part B premium and deductible increases to 25% of what they would otherwise be. In April, the Medicare Trustees projected a 6% increase in the standard Medicare Part B premium, but stated that this projection was uncertain. Most Medicare costs for the following year are typically announced in late October or early November, so actual Medicare Part B costs for 2021 will not be available until then.

New and expanded benefits for 2021

Expansion of telehealth services. Medicare Advantage plans may now cover a wider range of telehealth and other virtual services, including virtual check-ins and E-visits that allow you to talk with your doctor or other health-care providers using an online patient portal.

Medicare Advantage for beneficiaries with End-Stage Renal Disease (ESRD). Medicare-eligible individuals with ESRD are eligible to enroll in a Medicare Advantage plan during Open Enrollment. Plan coverage will start January 1, 2021.

Acupuncture coverage for back pain. Medicare now covers up to 12 acupuncture visits in 90 days for chronic low back pain.

Lower out-of-pocket costs for insulin. You may be able to join a drug plan that offers supplemental benefits for insulin (Part D Senior Savings Model). The copay for a 30-day supply of insulin will be $35 or less. Coverage will begin on January 1, 2021.

You can find more information on new and expanded benefits in the Medicare & You 2021 Handbook on medicare.gov.

Where can you get more information?

Determining what coverage you have now and comparing it to other Medicare plans can be confusing and complicated. Pay attention to notices you receive from Medicare and from your plan, and take advantage of available help. You can call 1-800-MEDICARE or visit the Medicare website, medicare.gov, to use the Plan Finder and other tools that can make comparing plans easier.

You can also call your State Health Insurance Assistance Program (SHIP) for free, personalized counseling at no cost to you. Visit shiptacenter.org or call the toll-free Medicare number to find the phone number for your state.

If you have any other questions you can also contact our office and we'd be more than happy to help. 

Take care and be safe, 

The Axial Team 

The accompanying pages have been developed by an independent third party. Commonwealth Financial Network is not responsible for their content and does not guarantee their accuracy or completeness, and they should not be relied upon as such. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Commonwealth does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through Axial Financial Group are separate and unrelated to Commonwealth.

© 2020 Broadridge Financial Solutions, Inc.  All Rights Reserved.

© The Axial Company. All Rights reserved. 5 Burlington Woods, Suite 102 Burlington, Massachusetts

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Market Thoughts for October 2020

Posted by The Axial Company

Market Thoughts for October 2020
 

Posted by Brad McMillan, CFA, CAIA, MAI, October 1, 2020

September was a tough month for the markets. They began the month with a drop and ended with everything down, but by much less than feared. The economic news was better, with improved data from the labor market and consumer confidence bouncing back. Business confidence and investment were also healthy. 

Overall, the recovery looks to be on a solid foundation. But could the upcoming election pose a real risk? Stay tuned to my latest Market Thoughts video to find out. 

 

 

Authored by Brad McMillan, CFA®, CAIA, MAI, managing principal, chief investment officer, at Commonwealth Financial Network®.

© 2020 Commonwealth Financial Network®

© The Axial Company. All Rights reserved. 5 Burlington Woods, Suite 102 Burlington, Massachusetts

Disclosure: Certain sections of this commentary contain forward-looking statements based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets. All indices are unmanaged and investors cannot invest directly into an index. The Dow Jones Industrial Average is a price-weighted average of 30 actively traded blue-chip stocks. The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. The Nasdaq Composite Index measures the performance of all issues listed in the Nasdaq Stock Market, except for rights, warrants, units, and convertible debentures. The MSCI EAFE Index is a float-adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI Emerging Markets Index is a market capitalization-weighted index composed of companies representative of the market structure of 26 emerging market countries in Europe, Latin America, and the Pacific Basin. It excludes closed markets and those shares in otherwise free markets that are not purchasable by foreigners. The Bloomberg Barclays Aggregate Bond Index is an unmanaged market value-weighted index representing securities that are SEC-registered, taxable, and dollar-denominated. It covers the U.S. investment-grade fixed-rate bond market, with index components for a combination of the Bloomberg Barclays government and corporate securities, mortgage-backed pass-through securities, and asset-backed securities. The Bloomberg Barclays U.S. Corporate High Yield Index covers the USD-denominated, non-investment-grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below.

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Annual Paper & Electronic Shred Event

Posted by The Axial Company

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Hail To Your Finances, Regardless of Who Wins Presidency

Posted by The Axial Company

Salene Hitchcock-Gear, President of Prudential Individual Life Insurance, June 30, 2020

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Coronavirus Shakes Colleges But 529 Plans Stand Firm

Posted by The Axial Company

By Alexis Leondis, 6/3/20

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Weekly Market Update, August 24, 2020

Presented by The Axial Company       

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Weekly Market Update, August 17, 2020

Presented by The Axial Company       

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Commonwealth Earns J.D. Power Award For Seventh Time

Posted by The Axial Company

They did it again! For the 7th time in a row, J.D. Power has ranked our broker-dealer firm, Commonwealth Financial Network, #1 in it’s 2020 U.S. Independent Financial Advisor and Customer Satisfaction Study!

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Survey: Americans’ biggest coronavirus financial regret

Posted by The Axial Company

By James Royal , Jun. 18, 2020


The coronavirus pandemic has hit Americans hard, and a new Bankrate survey says Americans’ top financial regret is not having enough emergency savings to withstand the crisis.


The survey shows that of Americans with financial regrets, the biggest regret is a lack of emergency savings, which was noted by 23 percent of respondents. But when it comes to their biggest financial priority going forward, Americans are focused on paying down debt (22 percent), followed by saving more for emergencies (17 percent).


“At first blush, the regret about lack of emergency savings and the prioritization of debt repayment may seem at odds with each other — but not so,” says Greg McBride, CFA, Bankrate chief financial analyst. “Consumers can actually make meaningful progress on both fronts at the same time by setting up a direct deposit from their paycheck into a dedicated savings account and earmarking more discretionary dollars toward debt repayment.”


Bankrate surveyed 1,343 American adults about their financial regrets as they relate to the coronavirus. Below are the main findings from the survey.

Key takeaways:


•Americans’ biggest financial regret about the coronavirus pandemic is lacking emergency savings, with 23 percent citing this reason.
•Americans’ top financial priority for the future is paying down debt, with 22 percent naming this goal.
•Not enough emergency savings was the top regret for every income group, but not every age group.

The biggest financial regrets since the pandemic


Americans said that their largest financial regret about the coronavirus pandemic was not having enough emergency savings, with 23 percent of Americans targeting this regret. Other top responses included not having enough retirement savings (20 percent) and having too much debt (17 percent). About 20 percent of respondents said they didn’t know their top regret.


As a May Bankrate surveyed showed, more than one in four Americans have taken or anticipate taking money from their retirement accounts to make it through the coronavirus crisis.

The top financial priorities going forward


While Americans cited not enough emergency savings as their top regret, their top financial priority once the U.S. starts to recover from financial hardship doesn’t exactly match up. Instead, Americans are more focused on paying down debt, with 22 percent of respondents mentioning this goal.
Many Americans seem unprepared, and about 17 percent said they didn’t know what their top priority was. A similar number said they intended to save more for emergencies.

Among respondents who cited a financial priority, paying down debt was the top priority among millennials (20 percent), Generation X (24 percent) and boomers (25 percent). Generation Z cited finding more stable income (22 percent) as their top priority, while the Silent Generation said “some other financial priority” was the biggest deal for them (21 percent).

Broken out by income group, paying down debt was cited most often as the financial priority among those who expressed a priority:


•27 percent among households earning $30,000 to $49,999
•28 percent for households earning $50,000 to $79,999
•21 percent among households earning $80,000 and more

Among households earning less than $30,000, the top priority was saving more for emergencies at 21 percent, though a further 22 percent said they didn’t know what their priority was.

How much Americans regret their financial choices


Bankrate’s survey also asked Americans to rate their level of regret about their financial status (emergency savings, retirement savings, debt, income stability and living beyond their means) since the coronavirus started.

Americans evoked similar levels of regretfulness about saving for emergencies and for retirement:
•Emergency savings: 16 percent of Americans were very regretful and 22 percent somewhat regretful.
•Retirement savings: 16 percent were very regretful and 23 percent somewhat regretful.

The regretfulness associated with the remaining three categories was notably less:
•Amount of debt: Very regretful (13 percent) and somewhat regretful (18 percent)
•Income stability: Very regretful (11 percent) and somewhat regretful (18 percent)
•Living beyond your means: Very regretful (9 percent) and somewhat regretful (18 percent)

Of those who expressed regret, not enough emergency savings was the top regret for every income group (below $30,000, $30,000 to $49,999, $50,000 to $79,999 and more than $80,000).


By age group, not enough emergency savings was the top financial regret for millennials (24 percent) and Generation X (25 percent). In contrast, not enough retirement savings was the top regret for boomers and the Silent Generation who expressed a regret.


Lower income was associated with a higher tendency to list income stability as the top financial regret, with households earning less than $30,000 per year being the highest at 18.6 percent.

The list is rounded out by:
•12.6 percent of households earning $30,000 to $49,999
•11.6 percent of households earning $50,000 to $79,999
•11.3 percent of households earning more than $80,000

How Americans can protect themselves


Whether it’s emergency savings or retirement savings, Americans regret not saving more, with about 43 percent of respondents noting one or the other. The results from this survey echo those from a recent Bankrate survey showing that Americans are behind in their retirement savings.
One of the best steps to take is to automate savings, whether it’s retirement or emergency savings. By doing so, workers can avoid the temptation to not save.


For retirement savings such as a 401(k), it’s easy to have the money pulled directly from your paycheck and invested. If you’re already saving there, you can also easily increase how much is pulled from your pay. But you can also set up your IRA to deposit money from your bank account automatically.


For emergency savings, you can set up the same kind of automatic transfer. Have your bank transfer money from your account on a regular basis, for example, whenever your paycheck hits the account.
Second, you’ll also want to take advantage of a high-yield savings account. While it can be convenient to keep your money with one bank, that approach may be costing you. And with the ease of moving money from one bank to another, it’s simple to have an online bank account that offers you a higher level of interest, but you’ll need to shop around for the best rates.

This study was conducted for Bankrate via online interview by YouGov. Interviews were conducted from June 3 – June 4, 2020 among a sample of 1,343 adults. Data are weighted and are intended to be representative of all U.S. adults, and therefore are subject to statistical errors typically associated with sample-based information.


The accompanying pages have been developed by an independent third party. Commonwealth Financial Network is not responsible for their content and does not guarantee their accuracy or completeness, and they should not be relied upon as such. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Commonwealth does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through Axial Financial Group are separate and unrelated to Commonwealth.


Featured image by Getty Images; Illustration by Bankrate. © 2020 Bankrate, LLC. A Red Ventures company. All Rights Reserved.


© The Axial Company. All Rights reserved. 5 Burlington Woods, Suite 102 Burlington, Massachusetts

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Weekly Market Update, August 10, 2020

Presented by The Axial Company       

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New Stimulus Bill—What You Need To Know

Posted by The Axial Company

By Richard Harroch, July 27, 2020

 

On July 27, 2020, Republicans put forth their new stimulus package proposal of approximately $1 trillion called the HEALS Act (the Health, Economic Assistance Liability Protection & Schools Act). The Democrats had previously proposed a $3 trillion+ stimulus package under the “Heroes Act,” but Republicans had rejected it as too broad and too big.­

There have been so many news stories and statements about a new stimulus package that it’s difficult to discern what will actually become law. This article describes what you need to know about the likely provisions of the next stimulus bill by answering the most important questions.

 

Here’s what you need to know about the likely provisions of the next stimulus bill.

 

Will there be a second stimulus payment?

Yes, there will almost certainly be a second stimulus payment, although the specific details are in flux. The most likely result is a second stimulus payment similar to the first payment.

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4 Refunds You May Get During The Coronavirus Pandemic

Posted by The Axial Company

COVID-19 has emptied a lot of people’s bank accounts, but some of that money may come back.

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Weekly Market Update, July 20, 2020

Presented by The Axial Company       

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30-Year Mortgage Rate Reaches Lowest Level Ever: 2.98%

Posted by The Axial Company

30-Year Mortgage Rate Reaches Lowest Level Ever: 2.98%

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Weekly Market Update, July 13, 2020

Presented by The Axial Company       

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The CARES Act and Your 2020 RMD

Posted by The Axial Company

The CARES Act suspended the RMD requirement for this year. But what if you already took your required minimum distribution for 2020?

 

You may be able to put the money back into your retirement account.

 

As of June 23, new information has been released from the Internal Revenue Service regarding The CARES (Coronavirus Aid, Relief, and Economic Security) Act, which suspends required minimum distributions (RMDs) for retirement accounts. Those who have already taken a required minimum distribution (RMD) in 2020 from certain retirement accounts now have the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

 

The 60-day rollover period for any RMDs already taken this year has been extended to August 31, 2020, to give taxpayers time to take advantage of this opportunity.

 

The CARES Act enabled any taxpayer with an RMD due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA, to skip those RMDs this year. This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020.

 

In addition to the rollover opportunity, an IRA owner or beneficiary who has already received a distribution from an IRA of an amount that would have been an RMD in 2020 can repay the distribution to the IRA by August 31, 2020. The notice provides that this repayment is not subject to the one rollover per 12-month period limitation and the restriction on rollovers for inherited IRAs.

 

The IRS described this change in Notice 2020-51 (PDF) and provides two sample amendments that employers may adopt to give plan participants and beneficiaries whose RMDs are waived a choice as to whether or not to receive the waived RMD.

 

If you have already taken or still plan to take your RMD for this year, please consider reviewing your options with your advisor, as they may have changed given the circumstances surrounding the coronavirus crisis. Please feel free to call us and we will be happy to answer any questions you may have.

 

The Axial Team

 

Information published on https://www.irs.gov pertaining to Notice 2020–51, Guidance on Waiver of 2020 Required Minimum Distributions. IR-2020-127, June 23, 2020.

The accompanying pages have been developed by an independent third party. Commonwealth Financial Network is not responsible for their content and does not guarantee their accuracy or completeness, and they should not be relied upon as such. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Commonwealth does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through Axial Financial Group are separate and unrelated to Commonwealth.

 

© The Axial Company. All Rights reserved. 5 Burlington Woods, Suite 102 Burlington, Massachusetts

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Will Coronavirus Quarantine Convince You To Retire Early?

Posted by The Axial Company

We’re all getting a taste of retirement—even if we don’t know it.

No, it’s not the “travel ‘round the world” kind of retirement. It’s more of the “don’t have to leave the house” reality of retirement.

Granted, retirement is a choice while quarantine is a mandate. Still, the similarities can uncover some surprising self-revelations about your retirement readiness.

“The ‘stay safe at home’ policy is similar to retirement because people are getting a taste of what free time is 100% of the time,” says Michael Foguth, founder of Foguth Financial Group in Brighton, Michigan. “When you’re retired or without a job, you find yourself with more time on your hands.”

In both cases, you need to decide how to fill that time.

“Both now and in retirement, you may spend more time in your current home than ever before, and you may realize that you have more free time than you know what to do with,” says Mike Lynch, Managing Director, Applied Insights Team at Hartford Funds in Wayne, Pennsylvania. “You have to be creative about how you fill the hours, how you stay social, and how you’re able to keep up with daily tasks once you are eating every meal at home and using more resources on a daily basis.”

Consider the coronavirus quarantine as retirement “practice.” If you’re working at home, think of that work as a hobby. It’s something you do, maybe by yourself, maybe with a few other virtual “hobbyists,” but in no way can it fulfill the vibrant social presence of the “at work” environment. You’ll need to come up with alternatives.

Will the decisions you make today regarding those alternatives be the same ones you make in retirement? Perhaps now would be a good time to contemplate this question.

“People can use this time to think about retirement life,” says Ethan Taub, CEO of Goalry and Loanry in Newport Beach, California. “It could be similar, finding new things to do, with no office to go to.”

Did you have to commute to work every day? Did you have certain rituals like, coffee, lunch and water cooler chatter? Has the sudden break from these day-to-day activities revealed who you are or what you’ve envisioned you’d like to be?

“This is showing people that they can exist outside of their office,” says Jeffrey Benowitz of Certified Financial Services, LLC in Paramus, New Jersey. “A lot of people’s identity is wrapped up in their career and this is eye opening.”

You may not even realize it, but this process of self-assessment is preparing you for a better (and perhaps earlier) retirement.

“If you’re taking advantage of distance learning and of ‘think time’ to review your career goals, you’re actually getting a taste of smart retirement planning,” says Joanne Cleaver, Charlotte-based author of The Career Lattice. “If you find you’d like to continue working from home, this is the time to build a transition plan for doing so, either as an employee or through self-employment.”

After several weeks of staying at home, have you been surprised to discover how little you’re spending? And it’s not just cutting your expenses, it’s using less money without an appreciable change in what you feel is important.

The greatest fear people have in advance of retirement is their ability to afford to live without a working salary. The quarantine experience is proving to many that those fears are unfounded. “People see they can limit their activities when required—much like they would have to do to live off their retirement funds,” says Anna Barker, Founder of LogicalDollar in Oregon.

Whether you work full-time from home, have seen your work hours reduced, or have been furloughed or worse, you’re no doubt paying more attention to your budget than ever before.

“Budgeting is incredibly important in both, says Luke Burton, Client Services Associate at Narwhal Capital Management in Marietta, Georgia. “Retirement income is fixed, and staying safe at home should include thorough planning for job disruptions and potential expenses.”

If you’re lucky, you will have discovered you’re better off than you thought when you weren’t giving your budget a second thought.

“People may see that they can live comfortably with a fixed income and off their savings which may prompt them to retire early,” says Ken Van Leeuwen, Managing Director & Founder at Van Leeuwen & Company in Princeton, New Jersey. “With a sense of financial security, and if they enjoy not working, then it would make sense for some people to leave the workforce early.”

It is this sudden retirement revelation that may result from the country’s forced quarantine. Maybe, just maybe, retirement isn’t as hard as you think.

“Those truly divorced from work are getting a taste of how much their life revolves around their occupation,” says Robert R. Johnson, Professor of Finance at the Heider College of Business at Creighton University in Omaha. “In many cases, people (with the means to do so) didn’t consider retirement simply because they never took the time to reflect and do so. While it will undoubtedly be a small percentage of workers, there will certainly be some individuals who realize that stepping away from a career is less difficult than they believed.”

Granted, quarantine isn’t for everyone. For some, it’s akin to house arrest. What’s instructive for those people, though, is whether they will ultimately consider themselves prisoners in retirement.

The fact is quarantine is not house arrest. You still have choices to make. “If you can ‘survive’ this isolation and figure out a routine, retirement will be much easier,” says Scott Bishop, Director of Financial Planning for STA Wealth in Houston. “Hopefully, many pre-retirees will learn that it will be helpful to have activities and routines planed.”

With each week that passes, you are becoming more accustomed to your home-bound life. It’s becoming less of an anomaly and more the new normal. How will this change your outlook on retirement?

“Many enjoy the freedom working from home provides more than expected,” says Max Kimmel, owner of One Shot Finance in New York City. “If you were worried about boredom, but managed to entertain yourself, retirement sounds better.”

Whether or not you do accelerate your retirement date depends on your age. “A lot of people will like the lifestyle of not having to do work, and being able to be home and free,” says Taub. “This is not going to be doable for most people, but for those close to retirement, this could be their reality soon if they allow it.”

Not only may this era of self-quarantine hasten retirement for you, it may also change your outlook and expectations for retirement. Whereas in the past, retirement was viewed as a personal voyage (literally, since many anticipated travel which may be off the table in the near-term), now it may be framed in terms of relationships and proximity (whether virtual or physical).

“The boredom and inactivity, being isolated in your home with little productive to do, you may decide you have to build a life separate from your occupation,” says Dr. Guy Baker of Wealth Teams Alliance in Irvine, California. “This may cause you to be involved more in the church, community, missions work—maybe start a new business you can manage in retirement.”

“Some people may really enjoy this time at home,” says Lynch. “They might find a new hobby or interest, maybe they have started volunteering virtually, or have found time to connect with old friends. They may determine that this has been a good test, and that they are ready to embrace retirement.”

One traditional aspect of retirement—spending more time with your family—will become truer than ever. “Many people are going to find that staying at home with loved ones feels better to them than heading off to work each day,” says Morgan Taylor, CMO for LetMeBank in the Greater Los Angeles Area.

Often life throws you lemons. How many times have you made lemonade out of them?

“Those who have used the time to catch-up on reading and projects, try new at-home activities, and work to reinvent themselves may be pleasantly surprised with the lessons learned while staying at home,” says Steve Parrish, co-director of the Retirement Income Center at The American College of Financial Services in Des Moines. “Some will find the experience empowering, and they may realize their fear of retiring was unfounded.”

Kyle Winkfield, President of Finley Alexander in Rockville, Maryland, offers this personal testimonial: “I do have to say that even though we are living with these necessary restrictions right now, I have a renewed appreciation for staying at home. The convenience of waking up a little later, saving ourselves from work commutes, and making the most of what we already have in-house are certainly some appealing aspects that sheltering in place have in common with retirement. I’ve also seen how much money we are saving by staying home, from savings on gas to entertainment to eating out. I have definitely spoken to some clients and family members who are reconsidering their retirement age, as they’ve seen some of the silver lining of being home this past month, and are wondering if it’s a sign that they’ve been doing too much for too long, and now it’s time to sit back and enjoy a bit more.”

So, what is it for you? Is the glass half empty or half full?

Will you frame your coronavirus quarantine in a way that convinces you to retire early?

Or, has the experience been the opposite for you?

Will “staying safe at home” give you reasons to avoid retirement as long as possible?

By Chris Carosa, Senior Forbes Contributor, Retirement © 2020 Forbes Media LLC. All Rights Reserved.

© The Axial Company. All Rights reserved. 5 Burlington Woods, Suite 102 Bu rlington, Massachusetts

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What to Know About Stimulus Checks Via Debit Card

Posted by The Axial Company

What to Know About Stimulus Checks Via Debit Card
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