April 4, 2020
Byron Financial Services Letter to the Communities We Serve
These are no doubt trying times here in the U.S.A and abroad. The spread of the novel coronavirus has brought our financial markets into bear market territory and the threat of a recession is at our doorstep if not already here.
Hard times won’t last forever and Americans along with the rest of globe have mobilized to combat this pandemic. Human trials on a vaccine have already begun along with experimental treatments and their development. This is our light at the end of tunnel. We remain optimistic this will pass and America will be stronger and more prepared moving forward.
While bear markets test our fortitude to stay invested, it’s important to look at variables we can control that strive to improve our portfolio and even tax situation. It’s time like these we need to focus on what we can control.
For potential investors that have delayed putting money to work into the equity markets this is no doubt a unique opportunity. Consider your risk tolerance and time horizon before making an investment decision. Contact one of our advisors for a consult to help determine if this is right for you and your family.
For those of us currently invested, bear markets may present the opportunity to harvest tax losses. Take the time to review your portfolio and identify any opportunities to work toward improving both your holdings and tax situation. Look for under performers and to move to higher quality investments with a history of making it through bear markets successfully. Once again we stand ready to help.
Bear markets can also present the opportunity to do a Roth conversion* of IRA assets. In other words, pay the taxes now on your IRA assets, while at lower values in order to convert them to a Roth IRA to take advantage of potentially tax free growth into the future. This can provide significant tax savings when it comes time to take your required minimum distribution from your IRA balances. Currently, Roth IRA’s have no required minimum distribution. This keeps this money invested longer on a tax advantaged basis. Once again consult your tax professional and call us should you have any questions.
We remain available via phone, email and web conference during this time. We know hard times don’t last forever, so don’t let the fear paralyze you from making smart money decisions. Don’t hesitate to call us 815-234-4075.
The Byron Financial Services Team
*Traditional IRA account owners should consider the tax ramifications,age and income restrictions in regards to executing a conversion from a Traditional IRA to a Roth IRA. The converted amount isgenerally subject to income taxation.Annotation:
March 23, 2020
As all of us continue to monitor the recent developments, the CDC has continued to recommend that individuals and businesses engage in social distancing practices. In light of this, and out of an abundance of caution, we have decided to temporarily suspend having meetings in our office. Currently scheduled meetings will be either switched to a phone meeting or rescheduled for a later date.
This will be implemented as of March 23, 2020. We expect to resume our regular in-office meetings during the week of May 4, 2020, provided it aligns with CDC and local guidelines.
The Byron Financial Services Team will be reaching out to clients over the next few days to confirm your preference for a phone meeting or to reschedule, whichever best meets your specific needs. We appreciate your understanding as we all do our part to combat the potential spread of COVID 19 in our community.
If you have any questions or concerns, please do not hesitate to reach out to us at 815-234-4075 or email your advisor.
We continue to wish everyone good health as we all work to get through this challenging time.