By Steven T. Merkel CFP®, CHFC®

October is National Retirement Security Month, which provides a great opportunity for you to reflect on your retirement goals and consider if your current financial plan aligns with those goals. One of the most important considerations you will make in regards to your retirement plan is determining a “safe” portfolio withdrawal rate. Your withdrawal rate reflects how much you can take from your portfolio yearly, and a “safe” rate aims to prevent you from depleting your savings early. You have worked hard for your savings, and you deserve to have the retirement of your dreams, but the wrong withdrawal rate may interfere with your vision for the future.

First, you and your financial advisor will need to assess your portfolio to determine when can you retire comfortably. Health and longevity, your personalized spending rate, life situations, types of investments, and risk tolerance are going to factor into how much you will need. One of the more popular savings calculation tools has been the 4% Rule.

The 4% Rule was created using historical data on stock and bond returns over 50 years, from 1926 to 1976 by financial advisor William Bengen. At the time of the study in 1994, it was generally considered that a 5% withdrawal rate was sufficient. He found that even during difficult market situations, no historical case existed in which a 4% annual withdrawal exhausted a retirement portfolio in less than 33 years. The rule also allows retirees to increase the rate to keep pace with inflation. That may include setting a flat annual increase that aligns with the Federal Reserve’s target inflation rate. However, the study has been updated, and Bengen has increased the safe withdrawal rate to 4.5% when holding a more diversified portfolio.

Bengen’s study was conducted nearly 30 years ago, and it may not capture the full picture of today’s retirement situations.

Assuming you have a diversified portfolio, which may include multiple sources of income such as:

• Social Security
• Pensions
• Annuities
• 401K/IRA
• Real Estate Rental Income
• Savings

We need to take into consideration the interest rate environment has changed quite a bit since the 1990s. In 1998, the 10-year bond yield was between 4.41% to 5.6%. In 1994 it was even higher. Therefore, back then, if you followed the 4% rule you would likely not run out of money.

Today, the 10-year bond yield is currently at ~0.7% and will likely remain there for some time. At this rate, $1 million will only generate $7,000 a year in risk-free, pre-tax income. Even with the maximum social security payment of $2,900 a month, that’s still only $41,800 a year in income. The 4% rule assumes that you will withdraw the same amount each year, adjusted for inflation, with stark rigidity. Any increase in spending completely throws it off the calculation.

The rule was created to be applied to a hypothetical portfolio invested in 50% stocks and 50% bonds. Your portfolio may not follow this exact allocation, and you may change your investments during your retirement. Your retirement is as unique as you, and your withdrawal rate may need to follow a different path. It may be more beneficial to adopt a personalized spending rate, based on your situation, investments, and risk tolerance, and then regularly update it.

It may also help to meet with your financial advisor regularly to review your budget and withdrawal plan to prevent any bumps in the road. 

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC, and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

By Patrick W. Ryan, CFP®, AWMA®

Whether you love election time or are feeling a bit exhausted by the constant coverage, most of us can agree that the US Presidential Election has a strong influence over the nation and the world. Every four years, the “election effect” shifts our attention and often unconsciously changes our decision making. Even if you decide to swear off news coverage completely, the “election effect” can still unknowingly impact your life through economic conditions.

The markets and presidential elections are so closely intertwined, that since 1932, an incumbent US President has never failed to win re-election unless a recession has occurred during their time in office. The strong correlation between the two factors does not necessarily provide crystal ball predictability to the current election, but it does demonstrate how market conditions could have an impact on how people cast their vote.  

While the Federal Reserve holds the majority of power over monetary policy such as interest rates and alterations in the money supply, and the President has to work within the limits of our system, presidential candidates hold a great deal of power in their influence, how they present themselves in their campaign, and the verbiage used. The euphoria created by campaign rhetoric tends to impact how voters spend and invest their money. 

Since voters tend to become invigorated before an upcoming election with the promise that their selected candidate will improve the economy in their own way, investors also tend to assume better times ahead. In fact, in a 2004 peer-reviewed study in the Graziadio Business Review, financial analyst Marshall Nickles, EdD, found that the stock market often has made major dips about two years before presidential elections and has risen through the end of election years. He revealed, for the period from 1941 through 2000, Stock market lows have occurred surprisingly close to mid-year congressional elections or approximately two years before presidential elections.

However, some disagree with the claim that elections provide a clear picture of the overall performance of the current market. Keith Lerner, the chief market strategist at Truist/SunTrust Advisory, explained that “Elections matter, but other factors matter more,” he says. “From the market’s perspective, progress or lack thereof on [coronavirus] vaccines are going to be more impactful than who’s in the White House over the next year — or several years.”

Looking at historical averages, other factors outside of the election cycle, such as wars, bear markets, and recessions, which also tend to occur within the first 2-years of a presidential term, can have a stronger effect on the economy. The influence of these outside factors may skew data and make it difficult to use elections as a predictor of overall economic growth or decline. 

In general, the economy works in cycles, with periods of expansion and contraction. Factors such as gross domestic product (GDP), interest rates, total employment, and consumer spending, can help to determine the current stage of the economic cycle. The presidential election is just one factor within many which can impact our economy.

During these uncertain times, it can be helpful to reach out to your advisor to make sure that your plan for a lifetime is on track with your current needs and financial goals. Our team is here to assist. 

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

Kim Ciccarelli Kantor , CFP^®, CAP^®

The November 3^rd general election is rapidly approaching. Although the Covid-19 pandemic is still a major issue in the fiscal policy debate, all eyes are also on the Tax Cuts and Jobs Act (TCJA) which could have major changes. Some provisions of the TCJA are scheduled to expire at the end of 2025 but could be impacted much sooner if there is a change of administration. To fully understand the extent of the proposed changes it is helpful to compare them to the TCJA provisions under the current administration.

Income Taxes

Current position:  the tax brackets include 10%, 12%, 22%, 24%, 32%, 35% and 37%.

Proposed changes: would raise the top tax bracket back to 39.6% from 37% for taxable income >$400,000 as well as make some small changes to the other six brackets.

Capital Gains

Current Position: 20% + 3.8% Medicare surtax = 23.8%. The 23.8% rate applies to individuals with taxable income greater than $441,500.

Proposed Changes: eliminate the 20% tax rate on long-term capital gains and apply the top ordinary income tax rate (39.6% rate + 3.8% Medicare surtax) for individuals with taxable income >$1,000,000.

Itemized Deductions

Current Position: The standard deduction was increased to $12,000 for single filers and $24,000 for married couples filing jointly in 2018 and indexed for inflation. For 2020, the standard deduction is $12,400 for single filers and $24,800 for married couples filing jointly.

Proposed Changes: Cap full itemized deductions for single filers and married couples filing jointly to those with blended tax rates of up to 28%. Individuals would receive full itemized deductions if the blended tax rate is < or = 28%. For blended rates >28%, itemized deductions will be gradually lowered

Step-Up in Basis at Death

Current Position: full step-up in basis at death on non-retirement-based assets.

Proposed Changes: repeal the step-up in basis at death.

Estate and Gift Tax

Current Position: estate tax exemption amount is $11,580,000 per individual, indexed for inflation. Gift tax exemption amount is $11,580,000 per individual, indexed for inflation.

Proposed Changes: estate tax exemption may be lowered to either the pre-TCJA exemption of $5,600,000 or the pre-2010 exemption of $3,500,000. The Gift tax exemption may be lowered to either the pre-TCJA exemption of $5,600,000 or the pre-2010 exemption of $1,000,000.

Pease Limitation

Current Position: tax law has repealed the Pease limitation

Proposed Changes: tax proposal would reinstate the Pease limitation for individuals with taxable income >$400,000. The Pease limitation was enacted in 1992 to limit the amount of itemized deductions available for high-income earners. It starts reducing taxpayers’ itemized deductions once they reach a certain threshold adjusted gross income (AGI) amount. Itemized deductions are lessened by 3% for every $1 above the threshold amount. The reduction is limited to 80% of your total itemized deductions.

The election is still five weeks away and it is not clear which presidential candidate and which political party will be setting the tax laws but it is never too early to start evaluating what could change. Our team will continue to monitor tax legislation and will keep you up-to-date as information unfolds. 

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

By Kay Anderson, CFP^®

On March 27th, 2020, the Coronavirus Aid Relief and Economic Securities Act (CARES Act) was signed by the President to provide relief to the nation during the worldwide pandemic. The primary goal was to provide timely economic assistance for individuals, families, small businesses, and organizations that would be most impacted. 

The CARES Act provides opportunities to support those charitable organizations close to your heart with some timely additional tax benefit if completed before year-end. 

For those using a standard deduction: a cash donation up to $300 per taxpayer ($600 for a married couple) to a qualified organization is available as an “above the line” adjustment reducing adjusted gross income (AGI), and thereby reducing taxable income. A donation to a donor-advised fund does not qualify for this new deduction. 

For those itemizing: Both individuals and corporations that itemize can deduct a much greater amount of their 2020 contributions. Individuals can elect to deduct donations up to 100% of adjusted gross income (up from the previous limit of 60%). Corporations may deduct up to 25% of taxable income (up from the previous limit of 10%). 

The deduction is available for cash gifts directly to a charitable organization. Gifts of appreciated securities and those made to a donor-advised fund or private foundation are still deductible at the prior limits. 

To preserve retirement account assets and reduce taxable income for 2020, the required minimum distribution was waived for the year. Those over the age of 70 ½ are eligible to complete a Qualified Charitable Deduction (QCD) allowing individuals to donate a maximum of $100,000 from a qualified account directly to a charity of choice. 

An individual over the age of 59 ½ may take a cash distribution of up to $100,000 from a qualified account with no penalty. With the increased deduction of up to 100% of AGI, subsequently donating the cash to a qualified charitable organization will offset any tax attributable to the distribution. 

Should you have any questions or would like to review your options for charitable and tax planning, please reach out to your advisor team. We welcome your call. Stay healthy and stay safe! 

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

By Anthony J. Curatolo, Advisor

The COVID-19 pandemic has transformed our lives and changed the way we work, communicate, and function daily. Amid the chaos and confusion of this ongoing crisis, one unifying force has emerged, allowing us to continue to remain connected: online communications. However, not everyone is on board the “tech-train”. Lack of knowledge, accessibility, and training has left many, primarily older adults (55+), outside the digital-loop. This has been termed the technological-gap.

Closing the technological gap could allow you to have greater control over your life, finances, and provide relief during these isolating times, but where does one begin?

1. Understand your technological needs

If you have ever made the mistake of going to the grocery store without a list on an empty stomach, you will understand that an over-abundance of choice without a clear plan can have unpredictable results. The tech market is constantly releasing new smart devices, which can be overwhelming, but it’s likely just a few key pieces can fulfill the majority of your needs. Making a list of areas you need more assistance or improvement could help you hone in your devices.

2. Identify what you do and don’t know 

Einstein may have put it best when he said “If I had an hour to solve a problem, I’d spend 55 minutes thinking about the problem and five minutes thinking about solutions.” If you have a baseline of your abilities, you can then work to establish which gaps need to be filled. After determining the devices you need, compile your current skill level for each one. Even if it’s just knowing how to turn it on; that’s a start.

3. Evaluate the resources available to you 

The recent Special Issue on Mobile Technology for the Journal of Interactive Learning Research found that older adults (55+) are actively exploring and utilizing the internet and social media to learn from others at increasing rates. The internet has made it easier than ever to gather a myriad of resources on any subject at any time. The majority of major tech companies have both customer service lines and online help sites that can assist around the clock. AARP also has an online database with workshops and tutorials providing complementary technology training.

4. Focus on the small steps

It’s not a race! It’s ok to feel intimated by the vastness of new and emerging tech. No one learns everything at once. If you’re struggling with your smart device, just focus on learning one app at a time until you feel comfortable. Filter out the unnecessary information, the extra features that you may never use, and just concentrate on the important aspects. This isn’t a school exam, so use as many handwritten notes or guides as you need.

5. Give feedback 

Companies want you to use their products. That is their end-goal. If you have tried to learn how to use a device, and unexpected issues keep emerging than it is most likely the product design that is flawed, not you. With how fast the tech industry moves, companies can release patches and fixes in a matter of days if they know there is an ongoing issue.

There is no shame in being a beginner. At some point even the most talented inventors and innovators were beginners. The technology available today can connect you to your friends and family and potentially allow you to have greater control over your life. Our team is here to support you and your family as we continue to navigate these turbulent times.

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

Jill Ciccarelli Rapps, CFP

At this point, many are aware that under the Cares Act, you have an option not to take your annual required minimum distributions this year. This includes distributions that would be necessary on inherited 401Ks or IRAs. This rule typically does not apply to defined benefit plans or if you are taking substantially equal payments from on IRA because you were younger than 59 ½ at the time you started your withdrawals.  

There may be many benefits for not taking your distributions this year such as: allowing your IRA to recoup from the volatile markets; lowering your federal and state tax income for 2020; increasing your deductible medical expenses; and possibly lowering your future Medicare premiums in 2022.

If you already took your distribution this year, can you roll it back into your qualified plan? 

Normally, you have 60 days to do a tax-free rollover, and if you take your IRA distribution out in January, you would be out of luck. However, under Notice 2020-51, the IRS has now extended the rollover time till August 31, 2020. Any RMD’s that were taken in January 2020 are now covered under this guidance.

What if you received your distributions monthly and have been receiving them since January?  

Generally, under the tax law, you cannot make more than one rollover from your IRA’s within one year. Notice 2020-51 temporarily waives the one-rollover every 12 months. You may be able to get all these distributions back into your qualified plan by August 31, 2020. This could also pertain to anyone that may have already completed a 12-month rollover in the last 365 days.  

Could you withhold taxes from your distributions to meet your tax payments for the year?

Here is an example of how this may work; if you took a $50,000 distribution, and you withheld $15,000 for taxes on January 15th of this year, you could return the $35,000 to your tax-deferred account and add another $15,000 out of your pocket to make up for the amount that was withheld. To recover your taxes that were withheld ($15,000), you may consider reducing your tax withholding on other income and lower your scheduled estimated tax by this amount or apply for a refund on your 2020 return. Be sure to check with your CPA if you roll back your distributions to be sure you do not incur any penalties.

What if you received a required minimum distribution in the form of stock?

If you sold the shares, you may not be able to recontribute the proceeds and treat it as a rollover since it violates the little-known rule that when doing an IRA rollover, you must rollover the same property that you originally received from the account. Notice 2020-51 does not seem to waive the same-property requirement for IRA rollovers.

What are the chances that Congress will waive the RMD’s again for 2021?   

Tax experts suggest it is unlikely we will have bigger tax surprises, but depending on the elections, the length of the country’s economic challenges, and the stock market’s performance – who knows, maybe we could see another “gift” from the IRS come our way!

Sources:

The Kiplinger Tax Letter vol. 95, No. 14

Ed Slot, IRA Consultant Rockville Centre, N.Y.

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

By Lynn A. Ferraina, Advisor

Over the past months, all of our lives have been upended by the pandemic, and we have had to adjust our daily routines and behavior to limit our exposure. Now, almost everything we do, from work, school, shopping, and social activities is online. While this makes commutes much more manageable, it also provides more opportunities for cybercriminals to target you and your family.

Fears of the pandemic and confusion about stimulus checks sent to millions of Americans have created new opportunities for scammers.  The Federal Trade Commission says it received four times as many complaints about identity fraud in the first few weeks of April 2020 than it had received in the previous three months combined.

Even more insidious is that the perpetrators of these cybercrimes will often target one of the most vulnerable individuals: children. In 2017, more than 1 million children had their identities stolen. This is often done through a type of fraud referred to as synthetic identity theft.

Synthetic identity theft is a type of fraud in which a criminal combines real and fake information to create a new identity. The real information used in this fraud is usually stolen. This information is used to open fraudulent accounts and make fraudulent purchases.

To better understand how to protect yourself and your family from this unique and dangerous type of fraud, it may be beneficial to first understand how it typically occurs. In most cases, synthetic identity theft happens when;

1. A fraudster purchases a social security number on the dark web. This could be obtained through a data breach or a loose piece of mail. Younger individuals are the ideal targets since most are not undergoing regular credit checks.
2. The social security number is then blended with a purchased identity and a false address and zip code. This allows the scammer to make it appear as if it is a real person.
3. Credit cards and accounts are opened under false identities. They may even apply for retail rewards programs and register the identity with open-source websites such as white pages. The goal is to trick the big-three credit bureaus (Equifax, Experian, and TransUnion) into believing they are a real person.
4. They will then purchase login info for someone else’s credit card, add the identity on the card as an “authorized user” and quickly build credit.
5. Finally, the scammer has created an entire synthetic identity that can be used to take out loans, open accounts, and transfer money wherever they wish. In some cases, scammers will put up to 25 of these “synthetic identities” on one credit card.

The complexity to these scams can be overwhelming and knowing that your children or grandchildren may be targeted is a frightening prospect, but there are ways you could help;

1. Don’t provide unnecessary information on forms. If asked to provide your social security number on a form, ask why it is needed, and what it will be used for. If the organization does not provide clear reasoning, opt-out.
2. Monitor your credit history as well as the credit history of your children closely. If you can, sign up your entire family for credit monitoring through a verified service. If there is any unusual activity, you can immediately notify your bank.
3. Properly dispose of old documents that contain personal information. Shred whenever possible and do a sweep of your home or office space to dispose of any unnecessary documents. 
4. If you are concerned about your child’s social security number or identity may have been compromised, you may want to consider freezing it until they reach legal age. Rules regarding this vary by state, so check your state’s laws regarding consumer report identity freezes.

If you have any concerns about the safety and security of your financial information you should discuss this with your advisor so you can work together to alleviate any concerns. 

Sources:

Doug Shadel, AARP Washington State Director Article: Digital Fromsteins. AARP the Magazine. June, 2020.

https://www.kiplinger.com/article/business/t048-c000-s002-another-epidemic-identity-theft.html

https://www.safety.com/synthetic-identity-theft/#:~:text=Keep%20your%20personal%20documents%20secure,in%20a%20lockbox%20or%20safe.

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

Jesus M. Delgado, Advisor, and Samantha R. Webster CFP^®

As if things weren’t strange enough, imagine a year without a World Series, a Superbowl, the NBA Finals… Although there are more severe issues going on in the world, sports are a pillar of our nation and are crucial to reestablishing normalcy. The reopening of sports involves a series of complex elements including economic and emotional factors. 

For many, sports are like religion. Our teams give us a sense of belonging. The emotional component may be far more important to the well-being of many individuals given the current state of affairs. From little league up to the professional level, sports connect human beings in multiple ways. It brings together a community, a sense of loyalty to others, and camaraderie. Even if stadiums are empty but games are played, some sense of normalcy could be felt. 

Even after the horrific struggles faced post 9/11, sports assisted in the recovery of our nation’s spirit. “It’s easy to say that sports are just games, but in the days and weeks after the tragedy of Sept. 11, sports offered a safe space for an entire population to come together, to grieve and to celebrate simultaneously.

After 9/11, the world changed. But sports stayed mostly the same. And that comfort and consistency were so crucial in a time of distress.” With the proper precautions and guidelines in place, not only could the local economies benefit from the reopening of sporting events, but the individual at home may benefit as well. 

From an economic perspective, it’s no surprise that sports and the live entertainment industry as a whole are suffering. The financial trickle-down of sporting organizations are far-ranging and deeply integral to our local and national economy. Often, these organizations can fuel entire cities, cities that without the presence of these teams would face serious financial stress.

As with other businesses, sports organizations expect to make a profit. This may be unlikely when you consider the current state we are in. For example, Major League Baseball (MLB) stated that in 2019 39% of revenues were generated from the local gate and other in-park sources. Let’s not forget the MLB has already missed an entire half-season. Some revenue can still be generated if the season were to reopen but would it be enough to cover the team’s outflows? For reference, in 2019 the Los Angeles Dodgers had a payroll of $206 million on opening day. Also, over 20 teams have committed to continue paying operational staff through a period of time. How can an organization survive this way? The short answer is, they can’t. 

The MLB commissioner’s office estimates an average loss of $640,000 per game over an 82-game season. As a solution, the MLB proposed the obvious, prorated salaries for players to subsidize losses. In addition, team owners voted in favor of a proposal to base player salaries on a 50-50 revenue split between owners and the players. Players and the Players Association did not take this well. Many feel the pay reductions are unjust given the circumstances. We hope a fair resolution can be found and we can go back to enjoying our sports virtually.

Until the day when we can enjoy our favorite pastimes once again, our team is here to provide you continued support as we weather these unprecedented times together.  

https://www.mlb.com/news/baseball-helped-heal-the-nation-after-9-11-c294183722

https://www.statista.com/statistics/193645/revenue-of-major-league-baseball-teams-in-2010/

https://www.usatoday.com/story/sports/mlb/2020/05/16/major-league-baseball-revenue-loss-report/5207671002/

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

By Patrick Ryan CFP, AWMA^®  and Steven T. Merkel CFP^®, CHFC^®

A new coronavirus rescue bill was passed through the house, backed by House Democrats. The bill would direct an additional $3 trillion to state and local governments, health systems, another direct payment to Americans, and a range of other initiatives. However, Democrats and Republicans disagree over how to deal with the economic slowdown.

The new legislation would also send a second round of stimulus checks to millions of Americans. Republicans voiced their rejection, describing it as a wish list that would go nowhere in the Senate. Democrats argue that not acting now will be the more expensive course in the long run and that we should take advantage of the historically low-interest rates[1]. The bill will now move on to the Senate.

Within the partisan back-and-forth the real issue is how to restart the economy and direct much-needed relief to those most desperate areas of our society.  Will the next round of funding be enough to sustain Americans as health officials warn that the pandemic and fallout are likely to drag on through the summer and possibly into the fall?  Will additional stimulus funding devastate our future generation’s ability to prosper?  These are the questions facing our lawmakers while they determine how best to get Americans back to work.

There are elements of activity that spark hope however.  The resiliency of Americans and American business has been tested time and time again, through world wars, terrorist attacks, financial and natural disasters.  The innovation we’ve already experienced has been impressive from schools and businesses moving functions online to factories re-tooling entire product lines to meet the needs of healthcare workers. Companies are finding new ways to utilize existing technology to help stop the spread of the coronavirus[2]. 

The efforts to approve more relief come as United States COVID-19 cases top 1.56 million and American deaths from the disease surpass 92,333, according to data provided by Johns Hopkins University.  As the U.S unemployment rate spiked to 14.7% in April, states started to lift lockdown restrictions and business closures designed to slow the outbreak.3

If you have any questions about this new legislation and how it may impact your future financial plans, please feel free to reach out to your CAS advisor.

Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation.  Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.

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[1] https://abcnews.go.com/Politics/house-democrats-unveil-3t-relief-bill-aid-states/story?id=70642730

[2] https://www.cnbc.com/2020/04/15/hot-spots-of-innovation-as-a-result-of-coronavirus-pandemic.html

3 https://www.cnbc.com/2020/05/15/house-aims-to-pass-a-3-trillion-coronavirus-relief-package-friday.html