Rockwood Wealth Management

"Retirees or people approaching retirement who have accumulated large balances in accounts with pretax contributions could find themselves in an unexpectedly high tax bracket once they need to begin taking required minimum distributions at the age of 72 (age 73 for those who were 72 or younger in 2024), especially if they also have other taxable income streams, such as a pension."

Why Opening a Roth I.R.A. May Be a Good Move, No Matter Your Age These retirement savings accounts, which are often pitched to young investors, can be a good option for older and retired workers.

"Lack of specific knowledge about the future is a fact of life. Guessing, or betting wildly, isn’t a prudent solution.

Instead, diversify. Hedge your bets so you are prepared whether specific markets move up or down, and be ready to ride out extended losses, like those of 2022. This strategy has been painful this year, though it has paid off over longer periods."

Forget Stock Predictions for Next Year. Focus on the Next Decade. Wall Street’s market forecasts for 2023 are worthless, our columnist says. But the long view is much clearer.

Also "Moody's Analytics found that Biden's economic proposals, if enacted, would create 7.4 million more jobs than would Trump's. The economy would return to full employment in the second half of 2022, nearly two years earlier than under Trump's plan, Moody's said."

Goldman Sachs: A Democratic sweep would mean faster economic recovery President Donald Trump is once again warning voters that Democrats would "shut our economy and jobs down" if they win in November.

Retail traders tend to be "late to the party," are vulnerable to FOMO and are overconfident in their abilities.

Many are chasing the stock market by day trading in the pandemic. It could end badly Bored at home, more people are turning to the stock market for entertainment and profits. But the average day trader loses money.

"The next legislation, which will take shape later this month, could include another round of funding for the small business loans but would likely come with changes to the program to reflect the more protracted collapse in business activity."

Small Businesses Counting on Loan Forgiveness Could Be Stuck With Debt Business owners who took out loans under the Paycheck Protection Program thought converting them to grants would be easy. It’s not.

"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves."
-Peter Lynch

This week!

Take home 3 wines from Spain and Portugal for $49:
- Ulls de Mel , Penedes region 2018 from Spain (Natural wine) white
- Marques de Rincon Garnacha 2014 from Spain, red
- Romaneira Douro 2015 from Portugal, red.

More daily offers to follow!

When things look their bleakest, a reminder that panic selling is one of the worst things you can do with your retirement savings.

Before You Get Out Of The Stock Market, Read This During a market downturn, your emotions actively try to convince you to do irrational things that go against the strategic investment plan you laid down when things were less emotionally charged. Don't fall for it.

A slightly tired( but still true) adage..."It's not timing the market but time in the market."

The Stock Market Is Tanking. Do Nothing. Timing the market is a game for professionals, not amateurs. And most professionals are terrible at it too.

Coronavirus pandemic may very well cause a global recession due to the impact on both supply and demand. Unfortunately the Fed and Congres may not be able to do much to help.

The Coronavirus Recession Will Be Unusually Difficult to Fight Consequences will linger even after the virus dissipates.