Retirement In Sight November 2021


QUOTE OF THE MONTH

“The possible’s slow fuse is lit by the imagination.”“Getting old is like climbing“The great thing about getting older is that you don’t lose all the other ages you’ve been.” a mountain; you get a little out of breath, but the view is much better!”

EMILY DICKINSON

IF THE SECURE ACT 2.0 BECOMES LAW, WHAT CHANGES?

When the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law on January 1, 2020, it altered rules for retirement accounts with a goal of helping both retirees and pre-retirees. More rule changes might be ahead, because a legislative sequel, known popularly as SECURE Act 2.0, is now proceeding through Congress.

The SECURE Act 2.0 would give retirement savers aged 62-64 the chance to make much larger “catch-up” contributions to common workplace retirement plans, starting in 2023. During those three years, they could make their standard yearly catch-up contribution, plus an additional yearly catch-up contribution of up to $10,000. Businesses that sponsor such defined-contribution plans would have to automatically enroll eligible employees at a base 3% contribution rate, which would rise 1% a year to a ceiling of 15% unless workers choose to fund their accounts differently. Some retirement accounts have required minimum distributions (RMDs) starting at age 72; the SECURE Act 2.0 would gradually reset that RMD threshold to age 75 during 2022-2032, potentially allowing more compounding for retirement accounts. In addition, the menu of investments in retirement plans could potentially include income contracts, and plans sponsored by non-profits could become more like the ones sponsored by for-profit businesses.1


RECIPE

The Better Butternut Squash Soup (with Mild Green Chiles)

  ½ tbsp. olive oil or avocado oil

    6 cloves garlic, minced

    1 large white onion, chopped

    1 green bell pepper, diced very small

    ¼ cup diced cilantro

    1 (4 oz.) can of mild green chiles

    4-6 cups cubed butternut squash

    1 1/2 tsp. ground cumin

    1 tsp. oregano

    4 cups (32 oz.) organic low sodium chicken broth

    1 lb. boneless skinless chicken thighs

    1 (15 oz.) can organic corn, drained (leave out if paleo)

    1 small lime, juiced

    ½ tsp. salt + more to taste

    Freshly ground black pepper

    Place a large dutch oven or pot over medium high heat and add in oil. Once oil is hot, add in garlic, onion, green pepper and cilantro; cook for a few minutes until onion is translucent.

    Next, add green chiles, butternut squash, cumin and oregano. Sauté for a few minutes, then add in chicken broth, chicken thighs, corn, salt and pepper and lime juice. 

    Bring soup to a boil, then cover, reduce heat to low and simmer for 20-30 minutes until chicken is fully cooked (no longer pink).

    Once chicken is cooked, remove with a slotted spoon and transfer to a cutting board to shred with two forks. Add chicken back to pot, taste and adjust seasonings if needed. Serves 4.  

 

Source: USA TODAY, June 17, 20212

AT THE POINT OF SALE, THERE IS LESS AND LESS CONTACT

Does paying with cash seem passe to you? How about swiping or inserting a credit or debit card? PYMNTS, which analyzes U.S. commerce trends, reports that contactless point-of-sale transactions have doubled since 2020.

The top reason behind this trend turns out not to be pandemic-related: it is simply convenience. Ease of use was the number one reason that all five age demographics PYMNTS surveyed (defined as seniors, baby boomers, and Gens X, Y, and Z) preferred contactless payment over paper money and other forms of digital payments. For seniors and baby boomers, the second most-cited reason was the widespread acceptance of the technology at points of sale. Speed was the second most-cited reason among Gen Xers. Among the reasons to pay this way, none of the age groups ranked fraud protection higher than fifth. PYMNTS found that two main reasons deter people from contactless payments – either they are simply at a location where the technology that facilitates these payments is unavailable, or they are at a point of sale without a contactless chip reader.3


DID YOU KNOW?

There was once a tennis match that went on for 11 hours

It happened at Wimbledon, no less. In 2010, John Isner (U.S.) won a match against Nicolas Mahut (France) that stretched over 3 days of the tournament.4


ON THE BRIGHT SIDE

Earlier this year, Gallup asked both retirees and pre-retirees about their views of retirement. A solid majority (80%) of retirees polled said they had enough money to live comfortably, a pleasant contrast to just 53% of pre-retirees who held that expectation.5


BRAIN TEASER

It is in seconds, seasons, centuries, and minutes, but you won’t find it in years, decades or days. What is it?


All written content on this site is for information purposes only. Opinions expressed herein are solely those of Assurance Wealth Management and our editorial staff. The information contained in this material has been derived from sources believed to be reliable, but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Assurance Wealth Management a Registered Investment Advisor in the State of Texas. Assurance Wealth Management is not affiliated with or endorsed by the Social Security Administration or any other government agency. The presence of this website shall in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Texas or where otherwise legally permitted. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

DISCLOSURES

CITATIONS.
1 – Yahoo! Finance, October 21, 2021
2 – Ambitious Kitchen, October 22, 2021
3 – PYMNTS.com, September 1, 2021
4 – WeirdFacts.com, June 10,2021
5 – Gallup, May 18, 2021