Broker Check

Autumn 2020 Newsletter

| September 18, 2020
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I hope this letter finds you and your loved ones well, whether you are self-isolating or going into work, or just spending your days waiting for 2020 finally to end. I’ve been getting questions lately around a wide variety of topics, so I thought I would take the most common ones and answer them here.

Is now a good time to refinance my mortgage?

Quite possibly, but it depends. Everyone’s situation is unique. You may be aware that rates on new mortgages are near all-time lows (2.87% as of 9/17/20 on a 30-year fixed). However, rates for refinancing are running somewhat higher. Refinancing also involves time and costs. If you are thinking about doing it, let’s talk first about (1) the reasons why, and (2) whether you’ll really be saving money. And keep in mind that Nancy is an excellent resource for all things mortgage and refinancing-related.

When am I allowed to take a distribution from a retirement account?

This question has come up in a variety of forms, as clients have faced reduced work hours or been let go outright. Employer-sponsored plans have certain IRS-driven rules, but when money is put away pre-tax, you can expect to pay taxes when you take it out. If you are younger than 59 ½, you can also expect to pay a penalty. However, the CARES Act of 2020 that Congress passed at the end of March waived the 10% penalty tax on most withdrawals before 59 ½ up to $100,000. Bottom line: if you need to take money from your retirement plan, give me a call so we can talk about it beforehand. 

Should I be buying gold?

This question has come up a lot since March and is an expression of the economic and political uncertainty many are feeling right now. The better question is, do I have a financial plan that provides me with diversification of assets (stocks, bonds, cash, etc.) and the ability to be dynamic in a dynamic and changing environment? If not, let’s get you one.  

 Employer-Sponsored Retirement Plan Meetings

This year has been marked by change and the need for flexibility. We are approaching the time of year when I typically hold meetings with many of you to review your company plans and contributions. Please let me know how you would like to host this year’s meetings: in person, virtually, by phone, or some combination of all three.

If 2020 has taught us anything, it’s that finding ways to communicate even in the absence of day to day contact is essential. I know that we can figure out a way to plan for this year’s annual reviews, so give me a call or email me, and we’ll get to work.

Be well!


Securities America, Inc., Member FINRA/SIPC. Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. This material is not intended to replace the advice of a qualified attorney or tax adviser.  Before making any financial commitment regarding the issues discussed herein, consult with the appropriate adviser.

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