"This is a really good crash diet from a financial standpoint," Conroy says. People often intend to trim their budgets but never get around to it. Current circumstances are giving families no choice but to make these hard decisions right now.
“The solo K has very high and flexible contribution limits, typically allowing more contributions than SEPs, traditional IRAs and Roth IRAs or SIMPLEs,” says Joe Conroy, CFP and founder of Harford Retirement Planners in Bel Air, Maryland.
Once you do the math and think through all the implications of a big purchase, you may find that write-offs can sound better than they really are. So, don't go crazy spending a lot of money just to save a little on your taxes.
“Stocks will likely trade in a narrow trading range unless this situation gets significantly better or worse,” says Joe Conroy, founder of Maryland-based Harford Retirement Planners. “If we start to see the infection numbers top out, we could see a bottoming process in the stock market.”
The House of Representatives approved the third phase of the rushed stimulus package. Advisors are poring over the details. Here are some of their immediate reactions.
"Record unemployment data is horrible news, but we knew it was going to be terrible," says Joe Conroy, founder of Maryland-based Harford Retirement Planners. "Most people agree that we’re in a recession. What's helped prop up the market are signs that China is starting to contain the virus."
