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Secure Act: What You Need to Know

It appears that concern over the retirement readiness of American workers has reached a point where both Houses of Congress are poised to pass new legislation with broad bipartisan support.  The House version of the legislation is called the SECURE Act and has twenty-six individual components impacting either an employer’s ability to offer retirement benefits to its employees or an employee’s ability to save more easily and effectively for retirement.  Here is a quick summary of the more impactful provisions: Employer related: Multiple-Employer Plans (MEP’s)- Small employers are often discouraged from offering retirement plans due to the corresponding cost and administrative burden.  The SECURE Act expands on previous efforts to allow small employers to band together to form Multiple-Employer Plans thereby sharing costs and admin duties.  The act broadens and liberalizes the rules allowing small firms that do not share a common geographic area, trade, industry, or profession to join the...

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Trade War Worries Strike Again

The trade war with China reared its ugly head again this month as the President announced a tariff increase from 10% to 25% on $200 billion of goods while also threatening 25% tariffs on an additional $325 billion of Chinese imports.  Beijing retaliated with a threat to raise tariffs from 10% to 25% on $60 billion of U.S. goods on June 1st. Unsurprisingly, the stock market did not like this new development. The global stock market has dropped approximately 4.5% since the announcement of increased tariffs. Throughout the first quarter, the stock market rallied on news of progress towards an agreement, with an estimate at one point of a trade deal structure that was 90% done.  The U.S. claims China is trying to renegotiate aspects of the deal they previously agreed to. The bond market has subsequently rallied as the U.S. 10-year treasury yield dropped from 2.54% down to 2.32% (bond values...

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Level Employees Once Again Give Back to United Way

Once again we are proud to donate to the United Way Community Baby Shower!  Our conference room was full of diapers, baby toys, and other essentials for the annual campaign!  The  event is a community-wide effort to collect essential baby items that will help at-risk mothers to give their newborns a stronger start, giving them supplies and support needed for a healthy beginning.  Level is a proud sponsor of the United Way of Buffalo & Erie County...

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Level Reaches Another Assets Milestone

PRESS RELEASE Amherst, NY: Level Financial Advisors, an Amherst-based fee-only financial planning and investment management firm, announced today that its assets under management have surpassed $400 million. The firm, with six CERTIFIED FINANCIAL PLANNER™ practitioners, was recently ranked as one of the top 500 RIA firms in the nation by Financial Advisor Magazine, surpassing $300 million in assets in late 2016. "This is a real testament to the faith and trust the Western New York community has put in us. We appreciate that trust and look forward to continuing to help people navigate the financial maze that is retirement," said Steven Elwell, CFP®, the firm’s Chief Investment Officer and partner. Along with the addition of new clients and deposits from existing clients, Level recently acquired Williamsville-based Angelucci Wealth Management, aiding in its growth. The company intends to continue its growth by expanding its WNY foot-print this year. The firm has scheduled a July opening of a satellite...

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Retirees: Is Your Tax Refund Costing You Money?

Millions of people get tax refunds every year and, according to the IRS, the average refund this year is $1,949.  Much has been said about how a large tax refund is just an interest-free loan to the government and people should adjust their withholdings to keep more of their money in their pocket. That topic has been well covered and so I won’t beat it to death any further.  But for retirees, there is another interesting angle when it comes to tax refunds.  A big tax refund may actually be costing you real money. Let me explain; the tax code is built on a system of complex calculations for different types of income.  Long-term capital gains being taxed differently than wages is just one example.  For retirees, by far the most impactful is how your Social Security is taxed.  Basically, 50% of your total Social Security benefits, plus your other income, determines...

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The Market Provides Another Lesson

The stock market entered its own polar vortex in December 2018 and tested the discipline of even the most seasoned investors.  December was brutal in both how much the stock market went down, but also in how relentless the decline was.  There was basically no pause button in the three-week span from December 4th to December 24th.  Take a look at the data on the S&P 500 for yourself: [caption id="attachment_7720" align="alignnone" width="255"] *data from Yahoo Finance[/caption] On top of that, the pundits came out punching with claims of the economy entering a recession and how the stock market would continue to go down dramatically.  The S&P 500 ended up losing 9.18% for the month**.  It was a dark moment and people were at their wits’ end.  Some investors inevitably bailed on their investment plans and sold all of their stocks. **according to YCharts We have always maintained, and so has the evidence, that...

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