A 30-second read by Victoria Cannillo: In a previous post, we provided an overview of myRA, a retirement savings option, backed by the U.S. Treasury, for those who didn’t have access to an employer-sponsored retirement savings plan. The program was introduced in 2014 to enable participants to contribute to a retirement plan with flexible contribution amounts and no fees to open an account. The Treasury Department has recently announced that the myRA program will no longer continue, stating the demand for the program did not warrant the expense.
On the myRA website it states, “The U.S. Department of the Treasury has decided to phase out the myRA® retirement savings program and the program is no longer accepting new enrollments…” According to a July 28, 2017 article in The New York Timesby reporter Tara Siegel Bernard, in the few years that the program was in existence, there were roughly thirty thousand participants. Participants of the program have the opportunity to rollover the savings that they accumulated through myRA into a Roth IRA. The myRA website provides participants information about selecting a new Roth IRA provider so that they can continue saving.
Please reach out to your Baron Team for any further questions.
A 60-second read by Anthony Benante: If staying up-to-date on market events is a part of your regular routine, that is fine, but remember that volatility is a constant factor when it comes to investing. It’s best to have a plan established before you invest, so that you know what to do when markets make unexpected short-term moves. For the assets you are investing for the long-term, the day-to-day fluctuations you experience now may not seem as significant over time. However, there are actions you want to take.
At Baron Financial Group, we review our investment choices versus peer investments, to determine if any individual investment choices need to be changed. Also, we review client portfolios versus their specific long-term strategy and rebalance them if needed. These actions are part of working towards our main objective, which is to help our clients achieve their financial goals. Volatile markets are incorporated in our financial plans for clients and we keep clients informed about their chances for achieving those goals in different market environments. This helps give our clients a clear perspective of where they stand and what it will take to achieve their long-term financial goals, even after incorporating recent market moves.
James is a valued team member at Baron Financial Group. As an Associate Financial Planner, James performs research and assists the advisors with the creation and updating of financial plans for clients. In addition, James is our technology expert, researching and implementing technological advances within the field of financial planning to help enhance the service we provide to you.
Founding partner, Victor Cannillo, enjoys mentoring James and the other members of the firm. “James is knowledgeable and enthusiastic, and is a great support to the team, whether he is assisting the investment committee with fund research or aiding the firm with the important software we use.”
James is a member of both NAPFA (National Association of Personal Financial Advisors) and FPA (Financial Planning Association). NAPFA is the country’s leading professional association of Fee-Only financial advisors, committed to working in the best interests of those they serve. Like NAPFA, the FPA aids in the professional development of its members and adheres to “a code of ethics that reflects their commitment to help clients achieve their life goals”.