The long-term impacts of the COVID-19 pandemic are numerous and far-reaching. It will likely take time to fully comprehend how much everyday life has changed since March 2020. From doorstep grocery delivery to virtual meetings, there are positive and negative aspects to which individuals are still adjusting. After living in close quarters through quarantine, it may come as no surprise that many marital partners are considering divorce.
Plan reviews are an important part of the role of a Plan Sponsor. Depending on the type and complexity of the plan, there may be a number of different aspects to consider during this review. Do you have a Retirement Plan Committee? Are you covering the right topics? Have you conducted an investment review? Having a Retirement Plan Committee can help keep the administration of your plan running smoothly.
Now is the time to consider both conventional and situational strategies.Routine year-end planning includes income tax, capital gains, annual exclusion gifting, and estate planning considerations.Supplementing your routine strategies with situational strategies can help further enhance your financial and tax positions.A well-coordinated plan is key to utilizing this year’s opportunities and being well prepared for what may come in the future. First and foremost, wealth planning is a process.