Well, I have certainly been a slacker when it comes to this newsletter. This summer was busy both in and out of the office, and I am definitely using that as my excuse. Plus, there has not been much financial stuff since the May 28 newsletter to cover. As a year, 2020 has been a bad horror movie, but there was nothing but good news in the markets since March 23. And let’s face it, there are a limited number of ways and a finite number of times that we can say “hold on” or “the market is fine” before people start tuning you out. And judging by our client’s actions, the message was heard. For the most part, we successfully resisted the temptation to “sit on the side till things calm down.” These are the kind of years when you do not look at the quarterly statements until checking with me. I expressly give you the green light today.
As we approach the end-of-year, we do have some house-keeping to address. First, if you have a brokerage account (non-IRA’s), I will more than likely sell something to harvest the tax losses. Selling a loser helps offset some income and other capital gains. Secondly, if you have some spare cash lying about and you have not filled up your 2020 tax-year retirement limits, let’s get to that. If you are unsure of where you are with your contributions, call or email me.
Remember, too; we did not need to take our Required Minimum Contributions (RMD) this year due to the CARE Act. Of course, we can always take some money out of the IRA’s if you over 59 ½ years old, but the IRS did not force us to take taxable income if we did not need it. Their RMD holiday year effectively lowers our taxable income in 2020. Now once we get the December 31rst balances, Jenna will figure out your new RMD for 2021. No holiday next year!
Lastly, if you would like to go over your accounts in detail, please call me. I am always up for one more ZOOM meeting. (My ZOOM performance has dramatically improved over the year.) I can also meet in person—we sit far apart and sanitize the office before and after meetings. I even bought an air purifier that filters out germs. We can do the masks too if that makes you feel more comfortable.
Thanks for reading. I promise to get back on schedule with the newsletters. MK
Oh, by the way, for a fascinating sailboat race, Google the term “Vendeeglobe.” Vendeegloge is a single-handed sailboat race around the world, and it only happens every four years. The race starts and ends in Les Sables d’Olonne, France. Currently, the participants are about to pass under Africa at Cape Horn. It has become a bit of an obsession for me watching the updates, and the best part is yet to come. The race is hair-raising scary as the 32 boats circle Antarctica with waves as high as ten-story buildings. That part is coming up in about a week.
