Posts by Curt Lyman

10 Reasons You Need a Financial Plan

October is Financial Planning Month which serves as a useful, annual checkpoint to make sure you are on track to meet your financial goals. A written, up-to-date financial plan encompasses not only investments, but risk management solutions, tax reduction strategies and estate planning. To have one comprehensive document to address your finances. Financial planning provides one summary location for everything related to your family’s financial life. From your budget, to your savings, to your investments, to your retirement, a financial plan helps you consider your finances in a holistic manner, and gives you one central place to see everything at
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How Wealthy Do You Have to Be in Order to Retire?

Even though perceptions have changed during the pandemic with more Americans now saying they need less money to feel rich1, when it comes to retirement, most people are still unclear about how much they will need to have saved before they can quit their jobs. The answer to that question is different for every person. Here are some of the things you need to think about in order to get a realistic retirement number in mind.   What do you want to do during retirement? Where will you live? Different people have different retirement goals and visions. You may not
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7 Money Moves to Consider This July

The coronavirus has given us all a lot of stress, as well as a lot of free time to think. If you’re postponing your summer vacation plans, now may be the perfect time to implement some financial planning “to-do’s” that could enhance your personal wealth and financial well-being. Here are seven things to consider: Is there too much risk in your portfolio? If you’re younger, you may have been told to just wait out the volatile stock market, and indeed that may be best for you. But some people—no matter what their age—are more risk-averse than others, and that’s where
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How COVID-19 Has Impacted Retirement Confidence

The Transamerica Center for Retirement Studies recently conducted an online survey of more than 6,000 people in the U.S. and found that many are feeling financially vulnerable. Americans are feeling a distinct lack of confidence, particularly when it comes to retirement. Whether employed or unemployed, the survey found that 23% of workers are no longer certain they can retire comfortably following the coronavirus pandemic. Not unsurprisingly, the insecurity was highest for baby boomers, born between 1946 and 1964, who are closest to retirement—32% said their confidence in their ability to retire has gone down due to COVID-19. Meanwhile, 25% of
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How a Furlough (or Layoff) Affects Your Finances…and Retirement

  Here are six things you need to know if you or a family member has been furloughed—or laid off—from their job   A furlough is an unpaid leave of absence. You don’t report to work, you don’t get paid, and you may lose some of your benefits. Getting fired or laid off is different because it is permanent; whereas, being furloughed means your employer wants you back as soon as things get back to normal, typically at the same position and income level as before the furlough. Here are six things you should know:   Filing for unemployment Whether
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How Simple Face Coverings Protect from COVID-19

In the wake of COVID-19, wearing masks or some type of facial covering is mandated in most public locations in an effort to reduce the spread of the disease. Medical-grade masks, such as the N95 respirator mask, are known to provide the best protection against breath-borne pathogens. But since those masks are critical protective equipment for front line caregivers and difficult to obtain, how effective are the cloth coverings worn by most people in public spaces? We asked Steven Gordon, MD, Chair of Cleveland Clinic’s Department of Infectious Disease, and Raed Dweik, MD, Chair of Cleveland Clinic’s Respiratory Institute, to
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The CARES Act: 10 Things You Should Know

The $2 trillion coronavirus economic stimulus bill is the single largest relief legislation in U.S. history, aimed at providing help for individuals and businesses affected by the outbreak. It was signed into law on March 27, 2020. The CARES Act is also known as “Phase III,” because it follows a $104 billion package passed March 18 for workers and families, and a smaller $8 billion bill to increase funding for medical treatments and testing. There is already talk of a fourth and fifth package in development in Congress. Here’s what you should know: Direct Payments to Taxpayers Americans are set
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Riding the Rockies Marketing Update April 6, 2020

Our long term clients (some, for more than 25 years) know that I am an “optimistic realist.” I suspect that over the years, I’ve evolved a bit less along the “optimistic” side to be a bit more “realistic” but that is, I suspect, the long term developmental process for most optimists.
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First Quarter, 2020 Commentary

The first quarter of 2020 was one of the most volatile in the history of the capital markets.  No asset class was spared as a result of the Corona Virus which swept across the global population and its economies with “Blitzkrieg” speed, toppling people, businesses, the capital markets, and economies.  It was an historic quarter in so many ways.
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The Rules Are Changing For 401(k)s In 2020

The Rules Are Changing For Your 401(k) In 2020 If you’re still working and contributing to a 401(k) or similar workplace retirement plan, there is some good news for the upcoming year. If you’re under age 50, the amount you can contribute to your 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is now $19,500 for 2020—a $500 increase over 2019. Additionally, for those who are age 50 or over by December 31, 2020, the catch-up amount is now $6,500, up by $500 (and the first increase since 2015). Keep in mind that you can still
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