News & Insights
December 22nd, 2020

Planning for your retirement: An Interview with Katherine Roy, Chief Retirement Strategist | JP Morgan Funds

Planning for retirement can be overwhelming. Katherine Roy breaks down three key points to focus on – the impact of long-term investing through market volatility, when to take your Social Security benefits and how to adjust your retirement plans based on the SECURE ACT from 2019.

Topics covered in this 40-minute webinar include:
2020 market volatility
  • Staying invested for the long-term and focusing on the areas you can control, will dictate your success:
  • Amount of money you save vs. spend
  • Asset allocation and location
  • Align your investment strategy with your goals. By varying the levels of risk with different time horizons, you work to ensure you meet both short-term (emergency cash needs) and long-term (retirement) savings objectives.
Social Security
  • To delay your benefit means more Social Security income later in life. It is important to understand the breakeven point – how long you need to live to benefit from a delay.
  • It is projected that by 2035, the trust fund holding the Social Security dollars will dry up, leaving a 20% deficit to cover Social Security benefits moving forward.
SECURE Act 2019
  • The stretch IRA option was eliminated for most non-spouse beneficiaries, meaning full withdrawal is required within 10 years of the account owners death, and the beneficiaries will most likely be paying more in taxes.
  • The Required Minimum Distribution age was increased from 70 1/2 to 72. Consider a Roth conversion to take advantage of lower income tax brackets now versus higher brackets in retirement.