The SECURE Act, passed in December of 2019, puts in place new retirement rules
On December 20th, 2019, the Setting Up Every Community for Retirement Enhancement (SECURE) Act of 2019 went into effect. While the law changed some arcane regulations that will only apply to a sliver of people, there were a couple major changes. These new rules will affect the vast majority of retirees. Here’s a quick run down of the provisions we feel will be most relevant for our clients:
Investors will unfortunately feel the excruciating pain of bear markets every now and then. The temptation during these turbulent times is to sell everything, run for the hills and sit on the sidelines. The reason is because as human beings, loss aversion is deeply embedded into our psychological makeup. The pain of losing money is always more powerful than the pleasure of making money. People simply don’t want to lose what has taken a lifetime to achieve, what has been gifted to them, or what has been derived from the sale of a home or a business. Seeing this money evaporate in a moment’s notice is more than gut-wrenching.
With life long ties to Maine, board position is a natural fit
Cox Capital Management Founder Bill Cox recently joined the Kennebunk Land Trust Board of Directors. Bill has life long ties to Maine. His family has spent summers on Drake’s Island in Wells since 1963. More recently, Bill became a full-time Maine resident during 2019. The Kennebunk Land Trust was founded in 1972 and is currently one of Maine’s oldest Land Trusts. The Trust maintains 3,400 acres of forests, fields, and waterways. This acreage covers some of the most beautiful land in the United States. Bill views his role as a way to give back to the community that gave him so much joy throughout this life. “Maine holds a special place in my heart – especially the Kennebunk area. My hope is for others to experience the same beauty and awe that I did growing up,” said Bill. This philosophy matches up perfectly with the Land Trust, whose mission it is to preserve the natural ecosystems and beauty of the land they maintain. To learn more about the Kennebunk Land Trust, click here.
We brought in an MIT expert to share insights into protecting against cyber threats.
Last week, we hosted a complimentary cyber security seminar for all our clients and partners at the Andover Inn. Given the massive data breaches that we’ve all seen in the media over the past few years, cyber security is on everyone’s minds. Cyber attacks are one of the top threats facing financial advisory firms. Our firm is committed to best practices in all areas. Thus, we feel it is critical to educate our clients on techniques to protect themselves. MIT grad Anne Westerheim, PhD and head of local IT firm Ekaru llc, was our presenter. Ann is an expert in IT/security related matters. She highlighted some great tips to protect one’s privacy. The sad reality is that there are hackers out there 24/7 sending you spoofing e-mails, trying to guess your passwords or hack into your system. However, you can seriously thwart their efforts by following several simple tips: