EightPoint Financial

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Learn how to protect retirement assets from financial elder abuse.

With the release of the unemployment figures rising we are seeing more volatility in the markets - as clients know - we focus on fundamental and technical analysis - part of the reason for this weeks volatility has to do with the VIX or the volatility index increasing to its highest level over the year. This volatility creates mispricing of assets as investors and institutions work to determine fair value, but the important thing to remember is this is a great period to shopping and it is easier to put new capital to work in investments when the market prices in discounts for long-term returns. If you have questions on your allocation, individual stocks or are just concerned with what action to take (and often times no action is good action) reach out to us at 412 301 5104.

With recent changes in the SECURE act we have received questions on when RMD's must be taken from retirement accounts - many thanks to William Lonsinger, CLU®, ChFC®, CLTC® AEP®, CFP® and Ed Slott, CPA for sharing this information to help clarify the rules on RMDs. See below.

As we enter the back half of 2024 we have a few clients who asked about what to watch for related to any recession risk. Many thanks to the folks at Ritholtz Wealth Management and Joshua Brown for always working to keep investors aware of the market changes. One topic covered on a recent podcast was the importance of the Sahm Rule to look at unemployment increasing as this is typically a pre-cursor to recessions historically. While helpful to observe - this is just one of many inputs we take into account when making allocation decisions at the firm level for clients. https://lnkd.in/eycJtvSH

Last month I had a client who was impacted by a financial scam - fortunately we were able to protect his assets and we are thankful for our partners at Charles Schwab for their help to safeguard clients futures. Yesterday I was reminded June 15th is Elder Abuse Awareness Day - and it seems right and fitting to share some information we received from Charles Schwab you should like and share with those who might be POA's or caretakers. It is a day for communities worldwide to unite in bringing attention to the challenges and difficulties faced by elders and our collective responsibility to protect and support them. Here’s what you can do to help protect the seniors in your life: Stay informed: Be aware of the common signs of financial exploitation, such as sudden changes in accounts, estate planning documents, or unexplained withdrawals or spending. Communicate: Maintain open lines of communication with elderly family members about their financial matters. Report suspicions: If you suspect that an elderly person is being financially exploited, it's crucial to report it. You can contact local adult protective services, law enforcement, and financial institutions where they hold accounts. Talk about money: Talk to your aging parents about money and creating a financial plan to manage their affairs. Here’s how seniors can protect themselves: Stay connected: Keep in touch with loved ones and remain active in your community to reduce isolation and vulnerability. Regularly review your finances: If you have questions, seek assistance from a trusted family member, a financial advisor, or an attorney. Find out more about how to prepare at Planning for the Challenges of Aging. Know your rights: Learn about your rights and the resources available to you. This includes understanding how to use legal tools like powers of attorney and wills. Check out our Financial Caregiving 101 article to learn more. Add a trusted contact: Designate a trusted contact to provide another layer of protection to help keep your accounts safe. You can find out more about trusted contacts by reading this article. Seek professional advice: Consult with professionals when making significant decisions, especially those involving legal, financial, or health matters. Protect your personal information: Don't give out your Social Security, credit card, or bank account numbers over phone or email. We're here to help. Additional resources on protecting yourself or the seniors in your life can be found at Protecting Senior and Vulnerable Investors on SchwabSafe®. If you have any concerns regarding the financial safety of an elderly family member or friend, please don't hesitate to reach out to us by phone at 800-435-4000.