The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law on December 20, 2019, and it took effect on January 1, 2020. Overall, the legislation is intended to strengthen retirement security nationwide, but it also contains multiple changes that impact retirement and estate planning. Let’s dig into a few of the most significant provisions.

We are facing something we have never faced before in our lifetimes. That is a fact and, during a time, when the news of the pandemic spreading and the recommendations on social distancing are getting broader by the day, it can be hard to feel certain or safe about anything.

As troubling as it is to watch the unprecedented market decline and hard it is to tune out the fact that you know you are losing a lot on your investments, we need to maintain our health and the health and safety of our family, friends, and neighbors as the number one priority. Covid-19 which emerged late in 2019 in China has spread rapidly worldwide since then and is a global pandemic. The measures taken by leaders around the globe have been strong leaving most children without a classroom to go to, parents working from home or without a job altogether and investors panicking about what is to come.

This disruption to daily life and to our psyches is substantial and it’s terrible. The coming weeks will not be easy, but these measures are practical and prudent.

Our Current Reality is not Permanent

The markets have made a clear statement as to what they think of this short-term reality. They have recognized that what is necessary to combat a further global public health crisis far worse than what we are seeing now will also result in a great deal of collateral economic damage. Short-term growth, which drives optimism for many investors and that, as we know, is really what the market thrives on, will be stunted. Economists have resigned themselves to the fact that a mild recession is inevitable, though experts believe it could be short-lived.

We are facing something we have never faced before in our lifetimes. That is a fact and, during a time, when the news of the pandemic spreading and the recommendations on social distancing getting broader by the day, it can be hard to feel certain or safe about anything.

The measures taken by leaders around the globe have been strong leaving most children without a classroom to go to, parents working from home or without a job altogether and investors panicking about what is to come.

More than three-quarters of American workers are living paycheck to paycheck – 78 percent, in fact. They’re covering their monthly expenses, but they lack an emergency fund and aren’t able to save for the long-term either. It’s a precarious way to live, with one unexpected expense having the power to create a financial tailspin. Unfortunately, this isn’t just a concern for workers.

Although the phrase “paycheck to paycheck” tends to refer to working families, retirees can end up in the same risky position. Maybe you’ve planned ahead well enough to know that your retirement income streams will cover your basic expenses, but are you prepared for a rainy day? For a fulfilling and stress-free retirement, you also want to be able to handle emergency expenses and ensure you’re growing your money for the future.

Volatile Markets and the Ongoing Spread of the Virus are Causing Economic Uncertainty

Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.

Market Impact

While the spread of COVID-19 is atypical, a market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.