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In the realm of financial planning, one critical yet often overlooked facet is the protection of one’s largest asset. While many typically associate this asset with tangible possessions like homes or retirement savings, experts emphasize a different perspective: the most substantial asset for most individuals is their ability to earn an income. Income serves as the bedrock of financial stability, facilitating mortgage payments, meeting daily obligations, and fueling future savings endeavors.

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In the realm of financial planning, where wealth management often takes center stage, one often overlooked yet crucial aspect is planning for unforeseen challenges, particularly the complexities of long-term care.

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Throughout 2023, we talked at length about navigating palpable sentiment, and the Federal Reserve, inflation, and the economic backlash of all things related to the COVID crisis.

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The SECURE Act 2.0, enshrined in the Consolidated Appropriations Act of 2023, marks a significant legislative stride aimed at fortifying retirement saving and planning in the United States. Passed on December 29, 2022, this act is a continuation of the SECURE Act of 2019, with both endeavors rooted in the collective mission of enhancing efficiency in retirement savings.

Let’s begin with an intriguing phenomenon that has gripped the financial realm: market bifurcation. It’s a topic that warrants our attention as we address recession fears. Picture this – the S&P 500, a collection of 500 diverse companies, yet a mere 8 “mega-cap” stocks hold a collective value exceeding eleven trillion dollars.

Navigating the Economic Landscape

As a financial firm dedicated to guiding our clients through the ever-changing economic landscape, we have been closely monitoring recent market trends and the performance of the S&P 500 index, including the “magnificent seven”. While the overall growth of 18.91% in the index this year is promising, it is vital to recognize that economic challenges still loom large, and the threat of a recession persists.

S&P 500’s Performance Analysis

The S&P 500, an index comprising 500 major companies listed on various stock exchanges, has undoubtedly seen positive growth in 2023.

Financial planning can only be as strong as the risks that you eliminate from the plan. Any risk leftunaddressed, either intentionally or unintentionally, could undermine the most solid financial planning.

We’ve talked in the past about implementation being driven by the underlying financial planning work.Relative to the assumptions being made, we could construct an incredibly holistic financial plan, andimplement the plan with an effective mix of tools and platforms.

Since the beginning of the year, many clients have sought the answers to five questions that are seemingly on the minds of many others.

At a high level you could certainly say that inflation is moving in the right direction.