New Year Resolutions

TOP TIPS - Wealth Management Resolutions for a New Decade

The turn of the new decade is the perfect time to review your wealth management strategy, including your retirement accounts, tax and estate plans and, of course, the status and suitability of your cross-border assets.

Here we provide our top tips for getting your wealth management in order for the 2020s.

Congress

NEWS WRAP - SECURE Boon to Retirement Planning but with Estate Planning Implications

On 20 December 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law*. The bill had already passed the House in a resounding 417-3 vote, and the reasons why it had near-unanimous bi-partisan support are clear.

SECURE promises to herald new ways of thinking about, and preparing for, retirement as the US moves into the 2020s. The Act seeks to enhance the coverage of qualified plan rules, not least by allowing smaller employers to collaborate so they can offer their staff 401(k) plans and, in a move that answers a frequent criticism, by giving long-standing part-time workers access to 401(k) plans.

How much?

NEWS WRAP - Study Suggests 401(k) System Woefully Inadequate for Most

All being well, when an individual reaches retirement they will have enough cashflow to continue their pre-retirement lifestyle; however, a new study indicates that many in the US will be unable to meet even their basic spending needs once they stop working.

The new report, from the Economic Policy Institute (EPI), finds that despite accruing around three decades worth of savings into their 401(k) accounts, most retirement savers between the ages of 56 and 61 have a median account balance of $21,000.*

It would be tempting to think that younger people were better prepared, yet the same study reveals that the first generation of millennials are just as poorly, if not more poorly, prepared for retirement, with a median 401(k) saving of approximately $1,000.*

Businesswoman celebrating

TOP TIPS - Considering Women-led Companies for Investment Diversity

It is a curious thing that for an industry in which success largely lives or dies on the strength of diversity, it has taken a long time for the finance sector to cotton on to the value inherent in investing in female-founded and female-run companies.

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