The IRS Waives Missed RMD Penalty for Certain Required Minimum Distributions

On October 7th, 2022, the IRS released Notice 2022-53 announcing they intend to waive the 50% excise tax on certain required minimum distributions (RMDs) from retirement plans in 2021 and 2022. Listed below is a brief backstory to get you up to speed. Backstory: In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement Act of 2019…

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Largest Social Security Bump in 40 years

Starting in January, recipients of Social Security payments are set to receive their largest cost-of-living adjustment (COLA) in over 40 years. According to a recent Social Security Administration press release, approximately 70 million Americans will see an increase of 8.7% in their benefits for 2023. The last double-digit bump for SS payments was a 11.2% bump in 1981. Those currently…

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Weekly Market Recap | November 14, 2022

Week in Review Equity Markets: The S&P 500 rallied on the slowing October CPI report. The S&P spiked on Thursday, ending the day up over 5%, and the week up over 5.9%. The markets bounced on the anticipation that the Fed could slow the pace of the rate hikes. The sooner the Fed signals the end of the rate hiking…

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Weekly Market Recap | November 7, 2022

Week in Review Equity Markets: 85% of S&P 500 companies have reported earnings so far. 70% of companies have beaten earnings expectations and 71% have beaten analysts’ revenue expectations, according to FactSet. The blended earnings growth rate is 2.2%, which combines reported earnings and uses the estimates for any companies that have not yet reported. Earnings are better than feared,…

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Weekly Market Recap | October 31, 2022

Week in Review Equity Markets: The S&P rallied this week, despite some disappointing earnings reports from major tech companies. The S&P ended the week up 4%. The Dow Jones outperformed the other major indices following strong earnings from the energy and industrials sectors and ended the week up by 5.7% We are in the heart of earnings season. So far,…

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Weekly Market Recap | October 24, 2022

Week in Review Equity Markets: All major indices ended the week in highly positive territory. The S&P 500 climbed 4.7%, with broad market participation. Slowing economic numbers and better-than-expected earnings helped push the markets higher. Earnings ramped up last week. 20% of S&P 500 companies have reported so far. According to FactSet, 72% have beaten earnings expectations. This is slightly…

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Weekly Market Recap | October 17, 2022

Week in Review Equity Markets: The S&P finished the week -1.6%, despite the 4%+ intraday swing in the S&P on Thursday. Following the higher-than-expected CPI report, the futures market took a significant swing downward, only to end the day significantly in the green. Inflation has remained higher than expected all year and the market’s initial reaction was a sell-off. Earnings…

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Weekly Market Recap | October 10, 2022

Week in Review Equity Markets: The S&P saw high volatility throughout the week. Between Monday and Tuesday, the S&P gained 5.7% in that span. This two-day surge was the largest since 2020. The majority of the gain was then given back as the S&P finished up 1.5%. Currently only 4% of S&P 500 companies have reported earnings. Thus far, 50%…

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Quarterly Insights | October 2022

A Still-Hawkish Fed and Growing Geopolitical Risks Offset a Likely Peak in Inflation to Pressure Stocks in the Third Quarter Global markets declined again in the third quarter as inflation remained near multi-decade highs, geopolitical tensions escalated further, and the Federal Reserve continued to aggressively hike interest rates signaling future rate increases may be larger than previously expected. The third…

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Weekly Market Recap | October 3, 2022

Week in Review Equity Markets: The S&P finished the quarter down ~9%. 2022 has been a tale of what seems to be a slow bleed followed by a run-up, but the rally never takes hold. The emotional roller coaster this year for investors is historically unprecedented. Year-to-date, the S&P is down nearly 25%. But the Bloomberg Barclays Aggregate Bond Index…

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