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Chornyak & Associates

614.888.2121  •  877.389.2121   •  Chornyak.com

July 2020

Banks are presently swimming in cash, which is driving down interest rates for your short-term money. Our first article details this, and why you may want to give us a call if you would like to discuss alternatives for how to best put this money to work.

2020 presents some unique opportunities to consider converting into a Roth IRA. Our second article outlines this option which may benefit you depending on where you are in your retirement and tax planning.

This month's "What's Happening Now" section shares interesting stories on 6 phrases you will not hear successful people say, how much it is likely to cost to buy a first home, and 7 financial tips for recent grads.

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
U.S. banks are 'swimming in money'
as deposits increase by $2 trillion
amid the coronavirus

It’s the banking world’s version of the rich getting richer.

A record $2 trillion surge in cash hit the deposit accounts of U.S. banks since the coronavirus first struck the U.S. in January, according to FDIC data.

The wall of money flowing into banks has no precedent in history: in April alone, deposits grew by $865 billion, more than the previous record for an entire year.

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Why 2020 Is an 'Unprecedented Opportunity'
for a Roth IRA Conversion

Two events — a crashing stock market and the waiver of required minimum distributions in 2020 —have unexpectedly created an ideal time to convert retirement savings from a traditional individual retirement account to a Roth IRA. Unlike traditional IRAs, withdrawals from a Roth are tax free in retirement. The catch is that federal and state taxes are owed on the conversion amount for the year the conversion is made.

Read More

What's Happening Now

Photo Photo Photo
6 Phrases You Won't Hear Successful People Say Here's how much you'll really need to buy your first home 7 Financial Tips For
New Grads

Market Update

Positive June caps off strong quarter for markets
June was another positive month for markets, despite concerns about the spread of the coronavirus causing some volatility near month-end. All three major indices posted positive returns for the month. The S&P 500 returned 1.99 percent, the Dow Jones Industrial Average (DJIA) gained 1.82 percent, and the Nasdaq Composite rose by 6.07 percent. On a quarterly basis, all three indices showed strong rebounds following March's volatility. The Nasdaq led the way with a quarterly gain of 30.95 percent, while the DJIA gained 18.51 percent and the S&P increased by 20.54 percent.
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Local outbreaks cause national case numbers to rise
Despite the positive news in the markets, the public health data released during the month showed some setbacks. New daily coronavirus cases in the U.S. set record highs toward month-end. Outbreaks in several states sparked fears of a national second wave of infections. Most of the attention was centered on rising case numbers in Arizona, California, Florida, and Texas, but cases have been increasing in other states as well. We finished the quarter with the highest level of active cases in the U.S. on record, although the daily case growth rate remained under control at the national level.
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614.888.2121  •  877.389.2121  •  Request Appointment

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