Welcome to The Barnum Report, Barnum Financial Group’s monthly newsletter. Each month we will be covering relevant financial industry topics as well as a monthly market update.
According to a recent survey, 76% of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27% didn’t start saving for retirement soon enough, 19% didn’t contribute enough to an emergency fund, and 10% wish they had saved more for college.
Click here for some ideas on how to do things differently this year
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts.
Here are a few of the key adjustments for 2020.
The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act, which originally passed the House in July, was approved by the Senate on Dec.19, 2019, as part of an end-of-year appropriations act and accompanying tax measure, and signed into law on Dec. 20. The bill includes provisions aimed at increasing access to tax-advantaged accounts and preventing older Americans from outliving their assets.
Click here for the details