Secure 2.0 and TrumpIRA.gov
One of the numerous retirement provisions of the SECURE 2.0 Act was the creation of the Saver’s Match that goes into effect on January 1, 2027. To inspire folks without a retirement plan at work to save for retirement, this program will match the lesser of 50% of the contribution or $2,000 for couples earning up to $41,500 and the lesser of 50% of the contribution or $1,000 for individuals with an income up to $20,500. This is phased out as income approaches $71,500 for couples and $35,000 for individuals. All these numbers will be adjusted for inflation going forward.
President Trump issued an executive order to create the website TrumpIRA.gov to allow these retirement savers to compare different IRAs based on “cost, quality, and investment options.” It will be interesting to see how they intend to provide this content in a transparent and unbiased way. You can be sure that some providers of IRAs are going to holler and scream if they don’t score well. These accounts are primarily designed for those without a retirement plan at work. According to the executive order, there are about “41 million American workers between ages 18 and 65 (who) lack access to any employer-provided retirement plan, and 49 million full-time workers and 14 million part-time workers (who) do not receive an employer match to their retirement saving…” More to come as the details are provided.
Promotion for ProVise’s Peter Seriano, CFP®, CDFA®
ProVise Management Group is pleased to announce the promotion of Peter Seriano, CFP®, CDFA®, from Financial Planner to Senior Financial Planner. In
his expanded role, Peter will continue partnering with clients to design and implement customized planning strategies aligned with their goals, values and priorities.
Peter also reflects ProVise’s value through his community leadership, serving as a board member of the Homeless Empowerment Program, on the Connections Board for Junior Achievement of Tampa Bay, and as a member of the Leadership Pinellas Class of 2026.
Please join us in congratulating Peter on this well-deserved promotion.
Private Markets and Regular Investors
For years, private markets were largely reserved for institutional investors and a limited number of high-net-worth individuals with specialized expertise. They were expected to outperform public markets over time, and for many years they did. But that outperformance has been inconsistent and cyclical, with results heavily influenced by manager selection, fund vintage, and methodology. More recently, returns have softened, and many investors have become frustrated not only with performance but also with limited liquidity. As a result, capital flows and deal activity have slowed. In response, private market firms are now seeking new capital from 401(k) plans and everyday investors by easing eligibility standards. In our view, this is an unfavorable trend that could prove costly for some investors. These investments are complex, often lack transparency—particularly in how underlying holdings are valued—and typically require capital to remain locked up for 10 to 15 years with little liquidity. That can be a serious concern for people nearing or in retirement when assets may be needed for income or required minimum distributions. Fees can also be high, with managers charging ongoing base fees and sometimes additional compensation when performance targets are met. In short, private market investments pose too many challenges for most mass-affluent investors.
Who is Your Executor?
When you go to the attorney to have your legal documents completed, some of the most important decisions you will need to make are who will be the executor for the will, the successor trustee of your trust, and the one to make health decisions on your behalf. For a married couple, it is usually each other for these three documents, but what happens when the first spouse dies or if you are single? In many cases, it is a member of the family and often the oldest child. But more thought is required. First, is the oldest really the most suited to do the job? For the will and the trust, it should be the one with the best knowledge of financial matters, the one who can be well organized, and the one who can communicate the best. Over the years of helping to settle estates, we cannot begin to tell you that family dynamics play a major role – good and bad dynamics. It is an emotional time when the best and sometimes the worst comes out of beneficiaries. Maybe it shouldn’t be a family member if you have a feeling that things may be difficult upon your demise. Yes, a third party is likely to charge a fee, but it means a neutral party is making decisions which often can mitigate family dynamics. As to your healthcare surrogate, things to consider are location, emotional IQ, communication skills, and, of course, do they have any medical knowledge.
Don’t Overlook this Critical Part of Your Financial Plan
Estate planning is a commonly overlooked aspect of a financial plan. It is easy to get caught up in the appeal of portfolio strategy and investment returns, but without the proper estate planning documents in place, serious risks remain. Not only could your assets end up in the wrong hands, but important decisions about your care and well-being could also be made by individuals you would not have chosen. A well-structured estate plan helps ensure that your wishes are honored both during your lifetime and after your passing. Putting these documents in place brings clarity, control, and peace of mind.
There are four basic estate planning documents that anyone can implement to avoid unintended outcomes:
Last Will and Testament
This foundational estate planning document outlines how your assets should be distributed and allows you to name guardians for minor children. You can also appoint an executor to carry out your wishes. Without a will, state laws determine how your estate is handled, which may not reflect your intentions.
Durable Power of Attorney
A durable power of attorney allows you to appoint someone to manage your financial and legal affairs if you become incapacitated. This can include paying bills, managing investments, and handling transactions. Making it “durable” allows it to remain in effect during incapacity and helps prevent disruptions in your financial life. Without it, your family may need court approval to act on your behalf.
Living Will
A living will outlines your preferences for medical treatment if you cannot communicate. It typically addresses life support, resuscitation, and end-of-life care decisions. This document provides clarity for both your family and medical providers.
Healthcare Power of Attorney
A healthcare power of attorney designates someone to make medical decisions on your behalf if you are unable to do so. This person works with doctors to ensure your preferences are followed. It offers flexibility for situations not covered in a living will. Choosing someone you trust is essential to ensure your wishes are respected.
Estate planning is not just about who gets what. It’s about making things easier on yourself and the people you care about when it matters most. Putting these four key documents in place gives you a clear plan for both financial and healthcare decisions. It can help your family avoid unnecessary stress, confusion, and legal hurdles. Taking the time to get this set up now with your attorney and financial planner brings a sense of confidence and peace of mind for the future.
Sources:
Estate Planning Documents: What Do You Need?
Is a College Degree Still Worth the Money?
College enrollment declined by 15% between 2010 and 2021. With private institutions costing over $70,000 per year in tuition alone, it’s no surprise that many people are exploring alternative paths that don’t result in astronomical debt. Trade schools typically cost about half as much as traditional colleges, with post‑graduation employment rates as high as 86% in 2022.
While trade schools have seen increased demand and enrollment, the data still currently supports the collegiate route for long‑term earnings. Forty percent of mid‑career adults ages 35–44 with bachelor’s degrees and 58% of those with advanced degrees earn more than $100,000 annually. By comparison, the median salary for electricians, HVAC professionals, and renewable energy roles averages around $60,000. Higher earnings in the trades are often achieved through business ownership, which comes with its own challenges and risks.
So, while there is no perfect answer for everyone, both pathways are critically important to economic growth and the development of robust infrastructure in the United States.
Up Your Assets™ Podcast
Episode 31 – The Hidden Risks That Quietly Drain Your Wealth – and How to Avoid Them
In this brief but bold episode, Ray Ferrara, CFP® shares several strategies for preserving and growing your wealth. Listen and learn some quick tips on how to keep your wealth intact!
Acknowledgements and Important Disclosures
From the Up Your Assets website
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