We have seen some problems develop when retirement account paperwork is not prepared properly. Our first article discusses this, and shares some common examples of how to avoid these mistakes.

The SECURE ACT has resulted in changes that may affect your IRA beneficiaries. Our second article outlines potential estate planning updates that may be necessary for you. As always, feel free to contact us to discuss how this might impact your plan.

This month's "What's Happening Now" section shares interesting stories on the psychology of college students during Covid-19, why many retirees are doing well during these times, and how a bride and groom took extra food from their wedding and personally fed those in need.

Too many people don’t take their IRA and 401(k) paperwork seriously enough, and that leads to terrible consequences. Here are two recent cases that will surprise and shock a lot of people.

The first case involves an IRA owner who failed to notify the custodian that he moved. At least, the IRA owner’s new address didn’t make it to the custodian.

Most people know they can change IRA custodians when they want. What few people know is an IRA custodian can decide to stop being custodian of an account. Under conditions specified in the IRA documents that few people read, a custodian can close an IRA without any action by the IRA owner.

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How the SECURE ACT
affects IRA Beneficiaries

In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which is changing retirement and estate planning for many. One major provision of the law affects those who inherit individual retirement accounts (IRAs). So, whether you might be inheriting an IRA or are planning on leaving one to your heirs, you should understand how the SECURE Act has changed the rules for beneficiaries. The IRA strategies discussed below could help enable a sound financial plan for a rewarding retirement—for both you and your heirs.

A positive month for markets
August was another strong month for financial markets. The S&P 500 and Nasdaq Composite both set all-time highs, gaining 7.19 percent and 9.70 percent, respectively. The Dow Jones Industrial Average (DJIA), which has been slower to recover from pandemic-induced volatility earlier in the year, gained a strong 7.92 percent. This brought the index into positive territory year-to-date.
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Public health picture improves
We saw continued progress in slowing the spread of the coronavirus in August. This indicates that measures to combat rising case numbers in July have started to pay off. On a national level, the daily spread rate was roughly 0.7 percent at month-end. This is a significant improvement compared with mid-July, when the spread rate spiked above 2 percent. While new cases per day are up compared with early June’s numbers, we’ve seen progress in lowering new daily cases and even signs of stabilization in total active cases.
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