Examining Potential Outcomes
 
 

When will 2020 end? It seems like that is a sentiment we hear from many people nowadays. 2020 has presented many challenges, and yet we are so proud of the way that those around us have chosen to deal with them: with a positive attitude and a renewed focus on the important things in life. Fortunately, the markets have bounced back strongly from the lows that we saw in March/April.

We understand that, given all of the things coming at you right now, you might be more apprehensive than usual, and we want to make sure we are communicating with and meeting with you as often as you would like. If there is any gap there, please let us know so we can connect right away. We also know that many of you have questions regarding the upcoming elections, so we thought it would be good to provide summaries put together by some of our investment partners (Horizon, Fidelity & American Funds) that we think do a good job of examining the potential outcomes in a non-political way. We hope it is helpful to you as you navigate the coming months.

 

·       https://www.horizoninvestments.com/2020-us-election-outlook-financial-market-implications/#.X2ED52hKg2w

·        https://www.fidelity.com/learning-center/trading-investing/election-2020-insights

·        https://www.capitalgroup.com/advisor/ca/en/insights/content/articles/3-investor-mistakes-election-year.html

 
Laura Myers
IRA RMD - Part 2
 
 

Last March, we posted about new IRA Required Minimum Distributions rules. There are a few more updates that we wanted you to know about.

Due to the impact of COVID, there are some new IRA rules that we wanted to make sure everyone is aware of:

·         All required minimum distribution requirements have been waived for 2020, so if you haven’t taken yours and want to waive it for 2020, please make sure to let us or your IRA custodian know (if we haven’t already discussed it with you).

·         For those who took their 2020 RMDs prior to these changes going into effect, the IRS has recently extended the time you have to roll the distribution back into your IRA if you want (to avoid taxation). Most recent guidelines indicate August 31 is now the deadline to do that, so let us know ASAP if you want to consider that (and again if we haven’t already discussed it with you).

For a recap of the COVID provisions for all retirement plans (including 401ks), here is a good summary: https://www.thestreet.com/retirement/cares-act-impact-on-retirement-plans



 
Laura Myers
Are You Ready To Fly the Coop?
 
 
 

After several months of being cooped up due to the Coronavirus and with 2020 more than half over, we are sure many of you are anxious to either take a trip this year or rebook a cancelled trip. With that in mind, we thought we would share a couple helpful articles as you start to make your future or present plans.

Pandemic Travel Deals Are Out There
by: Emma Patch
https://www.kiplinger.com/personal-finance/spending/leisure/travel/600969/are-you-ready-to-travel-again

Travel Tax Credit: Will Uncle Sam Pay You to Take a Vacation?
by: Rocky Mengle https://www.kiplinger.com/taxes/income-tax/600954/travel-tax-credit-will-uncle-sam-pay-you-to-take-a-vacation

We would love to hear from you about some of the cool destinations you have in mind for either this year or next. Please go to our DFS Facebook page and let us know!

Laura Myers
Happy 4th of July, 2020
 
 
 

Dear Friends, 

Happy 4th of July!  Darrell and I have decided to send you an Independence Day letter this year.

First off, let us express our gratitude to you for allowing us to continue to be of service during the highly unusual times we have been living through over the last couple of months.  Undoubtedly, we all have been confronted with new issues (related to the Coronavirus epidemic) and old issues (brought on by the recent racial events) that have perhaps spurred on difficult but necessary conversations with friends and family.  

We have also been quite taken by the concern for us shown by our clients. Even now, we are constantly asked how we are doing during the COVID-19 pandemic.  This care for our well-being has been very touching and has meant a lot to the entire staff.  Thank you for that.

As we prepare to celebrate the freedoms we have this upcoming weekend, we thought we would share some words of advice that we have received along the way and have been meaningful in our lives. 

The first bit of wisdom, which came from an organizational consultant and given to Dave while he was newly married and still living and working in Seattle, was that the best and most effective organizations are those that create environments where the predominant culture is based on love rather than fear.  It is a simple truth but sometimes easy to forget especially during times when we believe the freedoms that we have known are being infringed upon or even destroyed.

More great advice came as we both have listened to family and worked with counselors at various times to help us in acknowledging and accepting personal differences (thank you, Kiersten & Connie for hanging in there with us as we learned to do this better =).   They would often encourage us to “plan for success” in our relationships, which meant that we needed to actively think of steps we could take both individually and collectively to make the relationship a success.  Again, another simple truth but hopefully a nice reminder that anything worth having or enjoying is not going to “just happen” automatically and will require some work.

Over the years, this advice has stuck with us and we still reference it when we encounter difficult personal situations, as well as the current health and social upheavals, we all have been confronted with.  We have also tried to have them carry over to our business lives and commit to continuing to do so.

To succeed and persevere through these times, please try to look for the positive side of things and have that glass half-full attitude. There have been many examples of kindness, helpfulness and creativity, and we have found this to be reassuring that we will successfully endure this time. 

We want you to focus on your families, your friends and your health.  We ask you to try not to focus on the fear, but rather, let’s take care of those around us and try to do good things.  Let us worry about your financial life, which is why we are here. When you are ready, we want you to call us to discuss and update your financial goals and plans.  We also want to reiterate that we are here for any of your family or friends who also could use our help. Please know this isn’t a sales pitch…it’s what we can do to help.

Please be safe as we all look forward to brighter days ahead. 

Blessings,

Dave & Darrell

Michael Gowin