Untitled Document
Chornyak & Associates

614.888.2121  •  877.389.2121   •  Chornyak.com


November 2019

Generation X is being caught in the middle on retirement planning, and we are working with more new clients in this age group. Our lead story reviews how this group can avoid future retirement problems through detailed planning today.

While not offered to everyone, our second article from Commonwealth outlines key elements of a non-qualified deferred compensation plan, which can benefit some executives regardless of the business size.

This month's "What's Happening Now" section shares interesting stories on helping you if you are supporting your adult children while trying to avoid jeopardizing your retirement, the best and worst states at minting millionaires, and 3 unique social security benefits you may not be aware of.

We'd like to hear from you. Please feel free to contact us by phone at 614-888-2121, toll-free 877-389-2121 or e-mail chornyak@chornyak.com with any questions or comments. Or, follow this link to request a meeting with us to discuss your financial planning needs: https://www.chornyak.com/appointment-request

Sincerely, Joe
Photo

Caught in the middle: Generation X
needs to focus on retirement, but isn’t

Sandwiched between millennials and baby boomers, Generation X doesn’t really capture too many media headlines.

But Gen Xers, currently aged 39 to 54, now occupy the aptly named “sandwich generation,” facing the time in their lives when they may be providing financial support for their children (including adult children, in many cases) as well as aging parents. And given all the pressures that come with that, Generation X deserves some attention, too.

On the border of Gen X and baby boomer myself, I can identify with the pressures of this life stage. With two daughters entering their 30s and two college-aged stepchildren, as well as parents who need extra help these days, I know firsthand the expenses that can pile up.

Between tuition payments, eldercare expenses and out-of-the-blue costs like home repairs, it can seem impossible to get ahead in the present, let alone to save for the future. In fact, in a recent survey, 42% of Gen Xers revealed they are more focused on paying down debt right now than saving for retirement.

Read More


Key Elements of a Non-qualified
Deferred Compensation Plan


Deferred compensation is a term broadly used to describe any agreement between you and your employer to hold back your compensation until a future date or event, such as your retirement.

With a nonqualified deferred compensation (NQDC) plan, an employer can offer certain employees the opportunity to defer compensation, without mandated contribution limits. Typically, employers choose to offer an NQDC plan as an added benefit to reward selected executives or key employees. It’s a retirement tool that helps these employees save money on a pretax and tax-deferred basis, often in amounts greater than what could be set aside in a qualified plan such as a 401(k).

Here, we provide an overview of key elements of NQDC plans, including vesting, taxes, and distributions.

Read More


What's Happening Now

Photo Photo Photo
Financially Supporting
Your Adult Children?
Don't let it Jeopardize
your Retirement
Best and Worst
States at Minting
Millionaires
Here are
3 Unique Social
Security Benefits

Market Update


More treats than tricks for markets in October
October was another positive month for markets. Diminishing risks helped drive equity markets near all-time highs. The S&P 500 gained 2.17 percent in October and finished the month at a new record high. The Dow Jones Industrial Average grew by 0.59 percent in October, while the Nasdaq Composite led the way with a 3.71 percent return. Read More

Consumer confidence rebounds as spending continues
With markets near or at all-time highs and the unemployment rate near a 50-year low, it is not surprising consumer confidence rebounded in October. The University of Michigan consumer sentiment index increased from 93.2 in September to 95.5 in October. Overall, things are going pretty well for consumers, and higher confidence levels should help drive continued spending growth. Read More


716 Mt. Airyshire Boulevard, Suite 200, Columbus, Ohio 43235
614.888.2121  •  877.389.2121  •  Request Appointment

Securities and advisory services offered through Commonwealth Financial Network®
member FINRA/SIPC, a registered investment adviser.