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Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

Americans Can Defer for 90 Days

As we continue to face uncertain times, the IRS has made a welcome announcement.

Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.

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How to Remain Hopeful and Keep Perspective During the Covid-19 Outbreak

We are facing something we have never faced before in our lifetimes. That is a fact and, in time, when the news of the pandemic spreading and the recommendations on social distancing getting broader by the day, it can be hard to feel certain or safe about anything.

Although Peak Financial clients have benefitted tremendously from the risk and volatility reduction strategies used to manage their assets, it is still very troubling to watch the unprecedented market decline and hard to tune out the constant media noise regarding losses. But most importantly, we need to maintain our health and the health and safety of our family, friends, and neighbors. Covid-19 which emerged late in 2019 in China has spread rapidly worldwide since then and is a global pandemic. The measures taken by leaders around the globe have for the most part been strong, leaving most children without a classroom to go to, parents working from home or without a job altogether, and investors uncertainty causing panic about what is to come.

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Coronavirus: What the Viral Epidemic Means for Investors

Volatile Markets and the Ongoing Spread of the Virus are Causing Economic Uncertainty

Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.

Market Impact

While the spread of COVID-19 is atypical, market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.

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Four Reasons to Think Twice Before Buying a Vacation Home

When you spend most of your year toiling away at work, it’s natural to want to make the most of your vacation time. For many Americans, this means dreaming of the opportunity to own a vacation home where they can relax and recharge, while possibly earning rental income, too.

Before you pull the trigger on your own vacation home, however, you may want to think twice. While it certainly offers the opportunity for enjoyment and making meaningful memories, vacation homes also come with a few drawbacks.

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Selling a Business Provides Unique Philanthropic Opportunities

The opportunity to sell your family business might represent the pinnacle of your life’s work – and possibly the work of generations of family before you, as well. It can be an even more meaningful experience when you use the sale as an opportunity to achieve your philanthropic objectives, which is possible with proper business and tax planning.

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Four Strategies for Overcoming Boredom in Retirement

So, you’ve made it to retirement – congratulations! Your many years of hard work, smart financial choices and proper life planning have paid off and you’re now enjoying the best years of your life. Or, are you?

Like many big life changes, retirement can bring with it some surprises. One that catches many retirees off-guard is just how difficult it can be to fill your days when you no longer have the obligation of work – or the natural social life that stemmed from daily interaction with coworkers. So, if you’re feeling bored or even daunted by the idea of so much free time on your calendar, rest assured you’re not alone.

Still, it takes thoughtful commitment to overcome boredom in retirement. It’s not just about keeping yourself busy, it’s about making sure you feel fulfilled. Read on to learn how to overcome this common retirement challenge so you can live the retirement of your dreams.

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How to Prevent Entitlement in America’s Children When a Trillion-Dollar Wealth Transfer is Underway

The United States is in the midst of a massive wealth transfer from Baby Boomers to Gen Xers and Millennials – to the tune of $30 trillion, in fact. In light of this, many parents are wondering how to ensure their children feel empowered by their inheritance, without adopting a dangerous sense of entitlement. Below we’ll explore four proactive strategies for avoiding uncomfortable family scenarios that can develop when adult children know there’s guaranteed money in their future.

The subject of money and inheritance can be seen as taboo in many families, whether there’s a great deal of money in the family or not. A 2015 survey by U.S. Trust (now Bank of America) showed that one-third of high net worth and ultra-high net worth adults intentionally did not discuss family finances with their children out of fear that it would create a negative work ethic. Additionally, a full 20 percent said they had been taught as children that it was not appropriate to talk about wealth. How, then, will these families address the very real concerns that arise when wealth transfers to the next generation? The four action steps below offer a place to start.

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When You Have Enough Saved but Still Worry About Money

In the financial advising business, it’s fairly common to hear from clients who are concerned they haven’t saved enough for retirement. What’s surprising about this, though, is that many of these clients are actually in an enviable financial position. They have worked hard to save more than they are likely to need, and yet they still worry about becoming penniless in retirement. Why is that?

Let’s consider a gentleman we’ll call David. He is 65 years old, a military veteran with a $40,000 per year pension, and he has $400,000 saved. His home is paid off and he has no debt to speak of. He qualifies for both Medicare and Tricare for health needs, and he has a long-term care policy just in case. You don’t have to be a financial professional to see that David has his ducks in a row, yet he’s still terrified of retiring and outliving his money.

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Preparing Financially and Emotionally for Life’s Big Transitions

Do you remember the story about the grasshopper and the ant? The one where the grasshopper spends all day at play while the ant gathers food? Sometimes, we all need a reminder about how that story ends – with the ant prepared for a long winter and the grasshopper completely ill-equipped.

In this age of intense busyness, it’s easy to spend our time focusing on the day to day and ignoring the future, but this puts us at a disadvantage. Life has a habit of catching us off guard, and we would all do well to spend a bit more time like the wise ant did, preparing for a future transition we know is coming.

Research shows that 51% of Americans are stressed about their finances over the next few years.[i] If you count yourself among them, consider carving some time out of your hectic schedule to plan and prepare for your future. The advice shared below is meant to help you make this invaluable investment in order to provide financial and emotional peace of mind for you and your family.

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Preparing for a Bear Market

Bear Market

Between the trade war heating up, and the recent market volatility, there’s no telling what kind of market we’re heading into. After enjoying a 10-year long bull market, there could be tougher times ahead in the near future, or down the road, after you’re retired.

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Peak Financial Freedom Group
2520 Douglas Boulevard, Suite 110
Roseville, CA 95661

DISCLOSURE: All presentation data is provided and intended to be used for general educational purposes only and is not intended as a solicitation for you to buy or sell any financial product. None of the material in this presentation is intended to give you, nor are the presenters engaged in giving you, specific tax, investment, real estate, legal, estate, retirement, or financial advice, but rather to serve as an educational platform to deliver information; nor is it intended to show you how the strategies presented can specifically apply to your own tax, investment, estate, financial, or retirement position, but rather to offer an idea of how these principles generally may apply.

Stocks, bonds, or mutual funds have risks and can lose principal, even with a stop loss, and there is no guarantees of gains, as past performance is not indicative of future positive investment results. The sale or liquidation of any stock, bond, IRA, certificate of deposit, mutual fund, annuity, or other asset to fund a new portfolio and/or annuity may have tax consequences, early withdrawal penalties, or other costs and penalties as a result of the sale or liquidation. You can’t invest directly into a stock market index. A fixed index annuity with an income rider can protect your savings from losses and provide you guaranteed lifetime income, but you could incur surrender charges, gains aren’t guaranteed, you’ll pay a fee, and guarantees are backed by the financial strength claims paying ability of the issuing annuity company.

Illustrations/projections displayed within this presentation are hypothetical in nature and should not serve as the sole determining factor in making financial decisions. Consult with a qualified investment, tax, legal, and/or retirement advisor before making any decisions. By contacting Peak Financial Freedom Group, you may be offered additional information regarding the purchase of financial products. Seminars, radio shows, TV productions, book releases, magazine and book promotions are sponsored, promoted and paid for by Peak Financial Freedom Group, LLC. If you place assets under management with our firm, we are paid an advisory fee, and if you purchase an annuity from our firm, we are paid commissions from an insurance company.

Investment Advisor Representatives of and Advisory Services offered through Fiduciary Solutions, LLC, a Registered Investment Advisor. Peak Financial Freedom Group LLC is primarily a fixed insurance sales organization and provides no Advisory Services. PFFG Insurance Agency LLC, CA License #0N14103, is a licensed insurance agency and provides no Advisory Services. Peak Financial Freedom Group LLC, PFFG Insurance Agency LLC, and Fiduciary Solutions LLC are separate affiliated entities. Insurance products and services provided by PFFG Insurance Agency LLC and independent agents.

Jim Files CA Insurance License #0F06511 Dan Ahmad CA Insurance License #0732913

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