Resources

Recently, the Coronavirus Aid, Relief, and Economic Security Act, more commonly known as the CARES Act, was signed into law. Some aspects of the coverage revolve around rebate checks, the postponement of tax filing season, as well as one significant change we wanted to bring to your attention.

Today my kids are 22, 16 and 13 years old. I am very proud and fortunate that all three kids are healthy and doing well. My wife and I periodically reflect on the types of parents we were when the kids were younger. I certainly wish I could go back in time when my kids were young and change how I was as a parent. Back when the kids where younger I was less sympathetic than I am today. When my kids did something wrong I naively thought that I could logically explain what they did wrong in a manner where they would see the value and immediately change their behavior.

Every now and then, legislation is passed that alters the retirement savings landscape. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act), signed into law on December 20, 2019, represents the first major piece of retirement legislation passed in a decade. Like many people, you are probably wondering what this means for you.

Every now and then, legislation is passed that alters the retirement savings landscape. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act), signed into law on December 20, 2019, represents the first major piece of retirement legislation passed in a decade. Like many people, you are probably wondering what this means for you.

There are a few changes of note regarding 529 College Savings Accounts for 2020.

One of my areas of interest in my position as a Wealth Manager with Bernicke Wealth Management, Ltd. is developing strategies for our client’s children and grandchildren to help pay for their college education. College costs have been increasing rapidly for quite a while now, and the amount of student loan debt is increasing each year as well. According to Nitro College, as of 2020 there is $1.53 trillion dollars of U.S. student loan debt, with the average student loan debt balance being $37,172. This is quite a burden for a young person to take on, especially in their early years of employment when they typically will be earning lower starting salaries as they enter the workforce.

In 2001, my wife and I bought our first home. We were fortunate to save enough money and put down 20% on the home. This allowed us to avoid paying Private Mortgage Insurance on the remaining 80% owed to the bank. It is hard to describe the amount of fear I had prior to this large purchase. I kept thinking of possible scenarios that could cause us to be unable to make our loan payments, and what that could mean for our family’s future.