Insights
At Peapack Private, we consider education to be an important part of what we do, both for our clients and for the public overall. That's why we regularly speak to local and national media, and why we contribute articles to leading publications, and our time to professional organizations.
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The Weekly Economic & Market Recap
The current U.S. economic expansion became the longest on record this summer. Despite a reasonably strong consumer and low unemployment, there are growing concerns of a possible recession. The yield curve is flashing caution, as the trade war continues to weigh on the global economy. The Trump administration is considering several options to give the economy a lift. One measure they are considering is a reduction of the capital gains tax. Capital gains tax reductions are often proposed as a policy that will increase savings and investment, provide a short-term stimulus, and boost long-term economic growth.
Worried about a recession? Don’t panic, say financial advisors, but do be prepared
“We will eventually go into recession,” said certified financial planner Diahann Lassus, co-founder, president and chief investment officer of wealth management firm, Lassus Wherley, a subsidiary of Peapack-Gladstone Bank. “The business cycle is the business cycle.
“The real question is when and for how long?” she added.
I’m confused about how long to keep financial records
In general, the statute of limitations is three years from the due date of the return, including extensions, said Cynthia Fusillo, a certified public accountant with Lassus Wherley, a subsidiary of Peapack-Gladstone Bank, in New Providence.
For example, your 2018 return was due April 15, 2019. Assuming it was not extended, then the IRS may come back up until April 15, 2022 to propose changes, Fusillo said.
Getting ready to retire? Don’t make these 11 costly retirement planning mistakes.
Getting ready to retire? Congratulations! More time to relax. To read all those books you never had time to read. To travel. Hang out with grandkids. It all sounds terrific. But without proper planning, your retirement may throw you some curveballs. And worse, it could cause you to return to work when you’re much older or you’ll have to rely on your kids for support. That’s certainly not an ideal retirement scenario.
Instead, be smart and be prepared. Don’t make these 11 costly retirement planning mistakes.
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