To replace an image, select the png or jpeg on the canvas or in the layers panel and click the "Replace image" button, which is next to the image thumbnail in the design panel. Any applied animation to the original image will carry over to the new one.
Tip: Try to make the new image a similar size and dimension to the image being replaced.
To replace an image, select the png or jpeg on the canvas or in the layers panel and click the "Replace image" button, which is next to the image thumbnail in the design panel. Any applied animation to the original image will carry over to the new one.
Tip: Try to make the new image a similar size and dimension to the image being replaced.
Tip: How to save time when creating a tab module from scratch.
Create one tab that has the images, text format, animations, and interactions you want the other tabs in the module to have. Copy and paste the tab and change the names of the pasted tab folders in the layers panel. You can then change the text and images in each tab. This is more efficient than making each tab from scratch.
Turn flat objects into multidimensional, dynamic content by adding a drop shadow.
To apply a drop shadow, select the shape or image and add a shadow in the design panel. Experiment with the shadow color, blurriness, and position in relation to the asset.
Round the corners on images and rectangles.
To do this, select an image or rectangle and change the value under "Corner Radius" in the Design tab in the Inspector Panel.
To replace an image, select the png or jpeg on the canvas or in the layers panel and click the "Replace image" button, which is next to the image thumbnail in the design panel. Any applied animation to the original image will carry over to the new one.
Tip: Try to make the new image a similar size and dimension to the image being replaced.
Create digestible content and save screen real-estate by condensing lengthy content into categories that can be viewed on separate tabs.
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The co-managers of Tocqueville Asset Management's Enhanced Income Strategy offering count JPMorgan preferred stock among their holdings.
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Oracle of Omaha
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INVESTING IDEAS
Tip: How to save time when creating a tab module from scratch.
Create one tab that has the images, text format, animations, and interactions you want the other tabs in the module to have. Copy and paste the tab and change the names of the pasted tab folders in the layers panel. You can then change the text and images in each tab. This is more efficient than making each tab from scratch.
Turn flat objects into multidimensional, dynamic content by adding a drop shadow.
To apply a drop shadow, select the shape or image and add a shadow in the design panel. Experiment with the shadow color, blurriness, and position in relation to the asset.
Round the corners on images and rectangles.
To do this, select an image or rectangle and change the value under "Corner Radius" in the Design tab in the Inspector Panel.
To replace an image, select the png or jpeg on the canvas or in the layers panel and click the "Replace image" button, which is next to the image thumbnail in the design panel. Any applied animation to the original image will carry over to the new one.
Tip: Try to make the new image a similar size and dimension to the image being replaced.
Create digestible content and save screen real-estate by condensing lengthy content into categories that can be viewed on separate tabs.
Template - Horizontal Tab Module
1280px x 720px
Once the current crisis subsides, workers will need to focus on rebuilding their savings, including those who reduced their savings rate to preserve cash. That means re-enrolling in a retirement plan and committing to gradual but steady increases in contributions at some point in the future.
For those wondering how best to play catch-up, I suggest you default to the following: Go back to your precrisis saving rate next year, then increase that rate 2 percentage points annually until you reach 15%, the new cap under a new law known as the Secure Act.
You can set up a basic version of this nudge on your own, putting a reminder in your calendar to increase your savings rate next year, or on your next birthday. Research shows that people are particularly likely to take steps to achieve a goal during certain temporal landmarks that represent new beginnings, whether it’s a birthday or new year. This is known as the fresh start effect.
Of course, it’s a lot better if employers and plan providers create autopilots for these interventions, making it easy for people to commit to save more with a single click. Most already offer a version of the “savings escalator,” but every employer should.
Companies also could encourage employees to save at a higher rate in the future by implementing a “stretched match.” For example, instead of offering 50 cents on the dollar up to 6%, they could offer 25 cents up to 15%. In the short-term, this will save companies money. In the long run, it will encourage workers to save more and demonstrate a commitment of the company to their retirement success.
Unfortunately, millions of workers won’t be able to keep saving with their current employer because they have lost jobs due to Covid-19. These Americans are facing perhaps the hardest decision of all: What should they do with their old retirement accounts?
Generally speaking, when people change jobs, about a third of workers keep the account with their old employer, a third roll it over to an IRA, and a third cash it out.
My rule of thumb for the newly unemployed is to keep your retirement account where it is. You often benefit from lower investment-management fees and it is the path of least resistance. However, if you want to mentally “close the chapter” with your old employer, and you don’t need the funds right away, it’s definitely better to roll it over than cash out.
Be aware, however, that our current system almost always makes it easier to cash out than roll it over. This is backward. Given the need for savings, companies and plan providers need to make rolling over a retirement account as easy as cashing out.
Once the current crisis subsides, workers will need to focus on rebuilding their savings, including those who reduced their savings rate to preserve cash. That means re-enrolling in a retirement plan and committing to gradual but steady increases in contributions at some point in the future.
For those wondering how best to play catch-up, I suggest you default to the following: Go back to your precrisis saving rate next year, then increase that rate 2 percentage points annually until you reach 15%, the new cap under a new law known as the Secure Act.
You can set up a basic version of this nudge on your own, putting a reminder in your calendar to increase your savings rate next year, or on your next birthday. Research shows that people are particularly likely to take steps to achieve a goal during certain temporal landmarks that represent new beginnings, whether it’s a birthday or new year. This is known as the fresh start effect.
Of course, it’s a lot better if employers and plan providers create autopilots for these interventions, making it easy for people to commit to save more with a single click. Most already offer a version of the “savings escalator,” but every employer should.
Companies also could encourage employees to save at a higher rate in the future by implementing a “stretched match.” For example, instead of offering 50 cents on the dollar up to 6%, they could offer 25 cents up to 15%. In the short-term, this will save companies money. In the long run, it will encourage workers to save more and demonstrate a commitment of the company to their retirement success.
Unfortunately, millions of workers won’t be able to keep saving with their current employer because they have lost jobs due to Covid-19. These Americans are facing perhaps the hardest decision of all: What should they do with their old retirement accounts?
Generally speaking, when people change jobs, about a third of workers keep the account with their old employer, a third roll it over to an IRA, and a third cash it out.
My rule of thumb for the newly unemployed is to keep your retirement account where it is. You often benefit from lower investment-management fees and it is the path of least resistance. However, if you want to mentally “close the chapter” with your old employer, and you don’t need the funds right away, it’s definitely better to roll it over than cash out.
Be aware, however, that our current system almost always makes it easier to cash out than roll it over. This is backward. Given the need for savings, companies and plan providers need to make rolling over a retirement account as easy as cashing out.
Rebuilding your savings
My last rule of thumb is aimed at retirees who are debating whether to skip their required minimum distribution, or RMD, for 2020.
If you don’t need the money—and you may not, since many Americans have cut back on spending amid the current crisis—don’t take it out this year. I’m not recommending this because of recent market performance or trying to time the market. Rather, it’s because skipping your RMD this year means you will have more later, and thus reduce the very real risk of outliving your assets.
If you need the money, I recommend taking it out little by little, perhaps every month or quarter, to avoid the potential regret of selling assets near the bottom of a correction.
One day, the Covid-19 pandemic will be a distant memory. However, the financial decisions we make during this crisis will have long-term consequences, potentially reducing our financial security well into the future. Unless we give people clear and simple recommendations, and make it easy for them to follow, our well-intentioned reforms might backfire.
Take or skip?
Rebuilding your savings
My last rule of thumb is aimed at retirees who are debating whether to skip their required minimum distribution, or RMD, for 2020.
If you don’t need the money—and you may not, since many Americans have cut back on spending amid the current crisis—don’t take it out this year. I’m not recommending this because of recent market performance or trying to time the market. Rather, it’s because skipping your RMD this year means you will have more later, and thus reduce the very real risk of outliving your assets.
If you need the money, I recommend taking it out little by little, perhaps every month or quarter, to avoid the potential regret of selling assets near the bottom of a correction.
One day, the Covid-19 pandemic will be a distant memory. However, the financial decisions we make during this crisis will have long-term consequences, potentially reducing our financial security well into the future. Unless we give people clear and simple recommendations, and make it easy for them to follow, our well-intentioned reforms might backfire.
Take or skip?
The first difficult decision faced by workers who are forced to pull money from retirement savings is whether to take a hardship withdrawal or loan. The withdrawal might seem to offer the best of both worlds under the new law. It doesn’t have to be repaid—but if the worker can repay it within three years, he or she will get a refund on taxes paid. A loan, on the other hand, must be repaid on a fixed schedule.
The flexibility associated with the withdrawal, however, is likely an illusion. That’s because retirement plans don’t have automated repayment systems for withdrawals like they do for loans. Instead, workers will have to remember to send checks or payments on their own, and behavioral research tells us most are unlikely to do so.
What’s more, claiming the tax benefit for repaying Covid-19 withdrawals is likely to require a professional accountant, as workers will be seeking a credit for taxes they’ve already paid.
Therefore, if you are serious about putting back whatever amount you pull out, go with a loan because it makes repayment easy. (You also have more years to pay it back.) If you don’t think you’ll repay, or if you are likely to lose your job, use the Covid-19 withdrawal.
That said, employers should still set up auto-payment systems to help people pay back their withdrawals.
After deciding between a loan or a withdrawal, the next question is how much to pull out. To make it easy, I propose this general guideline: Take half of what you think you might need.
To understand why “take half” is a valuable nudge, it’s important to understand how most people settle on financial numbers, whether it’s an initial savings rate or a loan amount. Research that I conducted with Nobel laureate Richard Thaler suggests that many people rely on mental shortcuts when making difficult financial decisions instead of considering their actual needs. For instance, we found that people were nearly 20 times as likely to select 10% as a savings rate rather than 9% or 11%. Why is that? Because 10% is an easy round number to consider. This tendency could lead some workers to take out the maximum permitted under the Cares Act simply because it is easy.
By following my “take half” rule, you will preserve more of your nest egg and maintain the option of taking out the second half at a later date. And considering that most Americans have significantly cut back their spending during the shutdown, you might not need the money.
The only potential problem with this approach is that some employers don’t let plan participants take out multiple loans. Companies should consider lifting this restriction to discourage workers from taking out larger loans, just in case they need the money.
What about those who decide against a loan or withdrawal but want to cut back on their savings rate to preserve cash? Try to save at least save the minimum needed to get the maximum employer match. In other words, don’t leave money on the table.
Dipping in
The first difficult decision faced by workers who are forced to pull money from retirement savings is whether to take a hardship withdrawal or loan. The withdrawal might seem to offer the best of both worlds under the new law. It doesn’t have to be repaid—but if the worker can repay it within three years, he or she will get a refund on taxes paid. A loan, on the other hand, must be repaid on a fixed schedule.
The flexibility associated with the withdrawal, however, is likely an illusion. That’s because retirement plans don’t have automated repayment systems for withdrawals like they do for loans. Instead, workers will have to remember to send checks or payments on their own, and behavioral research tells us most are unlikely to do so.
What’s more, claiming the tax benefit for repaying Covid-19 withdrawals is likely to require a professional accountant, as workers will be seeking a credit for taxes they’ve already paid.
Therefore, if you are serious about putting back whatever amount you pull out, go with a loan because it makes repayment easy. (You also have more years to pay it back.) If you don’t think you’ll repay, or if you are likely to lose your job, use the Covid-19 withdrawal.
That said, employers should still set up auto-payment systems to help people pay back their withdrawals.
After deciding between a loan or a withdrawal, the next question is how much to pull out. To make it easy, I propose this general guideline: Take half of what you think you might need.
To understand why “take half” is a valuable nudge, it’s important to understand how most people settle on financial numbers, whether it’s an initial savings rate or a loan amount. Research that I conducted with Nobel laureate Richard Thaler suggests that many people rely on mental shortcuts when making difficult financial decisions instead of considering their actual needs. For instance, we found that people were nearly 20 times as likely to select 10% as a savings rate rather than 9% or 11%. Why is that? Because 10% is an easy round number to consider. This tendency could lead some workers to take out the maximum permitted under the Cares Act simply because it is easy.
By following my “take half” rule, you will preserve more of your nest egg and maintain the option of taking out the second half at a later date. And considering that most Americans have significantly cut back their spending during the shutdown, you might not need the money.
The only potential problem with this approach is that some employers don’t let plan participants take out multiple loans. Companies should consider lifting this restriction to discourage workers from taking out larger loans, just in case they need the money.
What about those who decide against a loan or withdrawal but want to cut back on their savings rate to preserve cash? Try to save at least save the minimum needed to get the maximum employer match. In other words, don’t leave money on the table.
Dipping in
Do you have to pay more for a policy that doesn't require a medical exam?
Some insurers require people to wait for at least 30 or 90 days before applying for coverage if they've been exposed to anyone with COVID-19. (GETTY IMAGES)
Not if they can avoid it. In normal times, most life insurance companies require a paramedical exam, where someone comes to the applicant's home to take blood and other tests and ask about their medical history. It's difficult to have in-person visits during the coronavirus pandemic, so more insurers are starting to offer policies without a medical exam. You'll usually need to answer extra questions about your health history on the application, and the insurers also use other methods to assess your risk – such as records of your prescription medications, information from previous life insurance applications from the Medical Information Bureau, records from recent doctors' visits (electronic medical records, when possible) and your driving records. Some companies use credit scores, and others use black box-type "risk scores" that are put together by the big data companies like TransUnion or LexisNexis, says Udell.
Some companies aren't eliminating paramedical exams entirely, but are bypassing them whenever possible. "Under certain circumstances, depending on their age and how much insurance they want, we'll run clients through a predictive model, and they may not need a paramedic exam or fluids tested to be issued a policy," says Quentin Doll, vice president of life insurance products for Northwestern Mutual. "If you can go through the accelerated process, we can issue a policy within a day or two. That's our goal."
Are insurers still requiring a paramedical examiner to come to your home when you apply for coverage?
Not necessarily. In the past, the premiums were much higher for policies that didn't require a medical exam. But as insurers use other resources to assess risk, the prices have become much more competitive. In fact, the companies that don't require medical exams currently have the lowest rates for some ages and policy amounts, says Udell. The no-exam companies generally have coverage limits ranging from $100,000 to $1 million, with the lower limits for older applicants. Udell works with about six companies that aren't requiring an exam now, and about 10 more don't require an exam if you meet certain medical requirements on your application. The no-exam policies can be issued within a few days.
For example, a 40-year-old man who is in excellent health can get a $500,000, 20-year term insurance policy for $309 per year from a company that doesn't do exams, which is better than the rate for the companies Udell works with that do require medical exams. For a 50-year-old man, the least expensive company Udell works with is charging $858 per year for a 20-year $500,000 policy, but it requires a medical exam. The lowest-cost company that doesn't require a medical exam is charging $940 per year. (Premiums are lower for women.)
Not right away, but the rules vary a lot by company and are constantly evolving.
People who have had symptoms or tested positive for COVID-19 have to be symptom-free for a month before Northwestern Mutual will start underwriting their policy, says Doll. "Once they've fully recovered, and as long as there are no continuing underlying conditions, there's nothing that would prevent them from getting coverage."
Some insurers require people to wait for at least 30 or 90 days before applying for coverage if they've been exposed to anyone with COVID-19, says Udell. Exposure can be difficult to prove, but that would make it hard to get coverage if anyone who lives with you has had a positive COVID-19 test.
Can someone with coronavirus symptoms or who has tested positive for COVID-19 get life insurance?
Probably, but you may have a few options. If you're just furloughed, your employer may keep your coverage for a while. "It's all over the board," says Robert McGee, senior director of absence, disability management and life insurance for Willis Towers Watson. "Some carriers say they'll allow an employer to continue coverage for employees on furlough or temporary layoff for two to 12 months."
If your employer's coverage ends after you are laid off, you may be able to convert the term policy into a whole life policy that you can keep after you leave your job. "But the increase in premium can be astronomical," says McGee. "That conversion option usually is not the best option for someone who is laid off." Some policies offer a "portability" option that lets you switch to your own term insurance policy, which costs less than the conversion policy but may still be more expensive than buying your own coverage if you're healthy, he says.
If I have life insurance through my employer and lose my job, will I lose my life insurance coverage too?
Contact your agent and insurer and find out about your options. Many insurers are offering more payment flexibility over the next few months. New York Life, for example, is temporarily pausing cancellations for non-payment of premiums through June 23, 2020 (only for policies that were issued before March 24, 2020 and the first premium has been paid). All missed payments will be due once that period ends.
"Life insurance is one of the most important ways people protect their families, and we have seen a significant increase in interest since this situation emerged," says Aaron Ball, senior vice president and head of insurance solutions at New York Life. "We have been working to ensure that people who want protection for their families can get it, and no existing policyowner loses their life or long-term care insurance coverage during the next several months because of a financial hardship caused by COVID-19."
What happens if I have trouble paying my premiums because of the economic downturn?
Yes. If you already have a permanent life insurance policy, then you can borrow most of the cash value at any time without having to submit a loan application. The loan doesn't affect your credit rating, and you can usually get the money within 48 hours. "Permanent insurance provides a lot of flexibility," says Doll. "It builds accumulated cash value that can be accessed at any time and for any reason very quickly." He says that policy loans have been especially helpful for small business owners who need the extra cash to help keep their businesses running over the next few months.
You pay interest on the loan, but there's no repayment schedule. If you die before repaying the loan, the balance is subtracted from the death benefit.
If I have a permanent life insurance policy, can I use the cash value as an emergency fund?
Not surprisingly, given the indefinitely large sums that BP would potentially have to pay to compensate victims of the spill, the company’s stock plunged . From its close on the day of the Deepwater explosion to its low on June 25 of that year, its stock fell by more than 55%.
It’s what happened in the weeks after that low that is relevant to today’s situation. BP stock’s low point came nearly three months before the oil leak was finally plugged. When it was finally stopped in September, BP’s stock price was more than 40% higher than where it had stood at its low.
This seems curious, to say the least. There would have been no way of knowing in late June when the leak would finally be plugged, and therefore no way of estimating BP’s eventual financial liabilities. And yet that was when BP’s stock hit its low.
While it’s always possible the market was just being irrational, as a general rule it’s dangerous to think we’re right and the market is wrong. The market is a discounting mechanism, and in the days and weeks following that June 25 low, it became increasingly clear that efforts to plug the well would be ultimately successful, even if it was unclear how long it would take. That wasn’t dissimilar to the situation we face today, where we know that we’ll eventually beat back the virus, even if it’s unclear how long it will take.
We know now that investors’ collective judgment following BP’s June 2010 low was right, of course. The stock produced a 58.0% total return over the 12 months following its June 2010 low, according to FactSet, nearly tripling the S&P 500’s 19.9% (.SPX). Over the three years subsequent to that low, the stock produced a 19.8% annualized total return, versus 16.1% for the S&P 500.
Over that three-year period, in fact, BP beat Apple (AAPL) by 4.3 annualized percentage points. Apple was riding high in the summer of 2010, having just overtaken Microsoft (MSFT) to become the company with the second-largest market cap in the world—and yet BP still came out ahead.
To be sure, BP hasn’t outperformed either the S&P 500 or Apple over the nearly 10 years since its June 2010 low, having been particularly hard hit recently by the plunging price of oil. Still, since that low, BP has outperformed the oil-and-gas industry as a whole by 6.6 annualized percentage points. (I used the Vanguard Energy exchange-traded fund (VDE) as a proxy for the industry; see accompanying chart.)
What does all this mean for the current crisis? Don’t sit out this market for too long. The stock market’s low is likely to be registered well in advance of the economy’s low—and well in advance of when a vaccine or other effective treatment for the virus has been discovered. If you were to wait until either or both of these events had occurred before reinvesting in equities, you’d likely be late to the party.
This doesn’t mean the market won’t retest, or even break below, its March 23 low, when the S&P 500 was at 2237.40 and the Dow Jones Industrial Average (.DJI) at 18,591.93. It may very well do so if new developments emerge suggesting the likely eventual economic consequences of the pandemic will be worse than what was already discounted at those lows.
That’s what we should be focusing on, rather than waiting for confirmation that the economy has finally bottomed and a vaccine discovered.
Here are five tips to help you steer clear of an impulsive reaction to your 401(k) decline. PHOTO: Getty Images
Here's how to keep your retirement savings on track during the coronavirus crisis.
The balance in your 401(k) account may have dropped recently as the market plunged. Starting from a high of over 29,000 in February 2020, the Dow Jones Industrial Average (.DJI) sank below 19,000 in March 2020. With uncertainty surrounding the coronavirus pandemic, global markets continue to be volatile.
It can be tough to keep putting money into an account that has shrunk in value amid the ongoing crisis. However, taking a thoughtful savings approach can have lasting benefits.
To steer clear of an impulsive reaction to your 401(k) decline, it can be helpful to:
Take deep breaths and stay calm
Think about the long-term benefits
Keep retirement plans in mind
Remember the tax savings
Buy low if you can
Know you're not alone
Watching the markets slump seemingly overnight caused anxiety for investors throughout the country. "There's no question that unprecedented levels of market volatility and financial uncertainty, like those we're experiencing today, can take a toll on your physical, emotional and financial well-being," says Dan Keady, chief financial planning strategist at TIAA in Charlotte, North Carolina. "It's completely understandable that people feel anxious."
Feeling stress over a slumped 401(k) is normal, but taking actions while you're in a state of panic could lead to poor financial results. "You may be tempted to sell assets in your 401(k) that dropped in value and move to cash until the market recovers," says Amy Diesen, vice president of retail retirement plans at Ameriprise Financial Services, with headquarters in Minneapolis, Minnesota. "However, that is probably the last thing you should do."
Even if you have shares that have lost value, you still own the same number of shares. "It's not until you sell investments that you lock in losses," Keady says. "If you sell while the market is down and then buy when the market starts going back up, you'll end up with fewer shares." If you leave the shares in the 401(k), they can recover and gain value later when market conditions improve.
Don't lock in your losses
One way to start feeling a sense of control is to look at your overall financial situation. Your regular income and monthly expenses may have changed due to the coronavirus crisis. "If you are nervous, you may want to cut back on certain expenditures or hold off on any big purchases until there is greater clarity in the current environment," Diesen says. "Having a good understanding of your budget will provide you with more control over your financial security." You might even find that certain funds can be shifted to save more toward retirement now.
Review your budget
Continuing to set aside money in your 401(k), even when the stock market is low, can be a smart strategy. "A downturn in markets actually presents an opportunity to invest new savings into funds at lower prices," says Robert Ingram, a financial planner at the Center for Financial Planning in Southfield, Michigan. The amount you contribute can be used to buy more shares while the market is low compared to how many shares you could purchase when the market is higher. "As markets and economic conditions rebound, you will have accumulated more shares of investments that are then growing in value," Ingram says.
Buy low if you can
If you keep saving now, you'll give yourself a substantial tax break. "Contributions to most 401(k)s are made pre-tax, which means that these amounts are excluded from taxable income in the year they are made," Ingram says. Say you set aside $5,000 this year in your 401(k). That amount won't be taxed as part of your income this year. Furthermore, the $5,000 can grow during the coming years and you won't have to pay taxes on the amount until you withdraw the money during retirement.
Remember the tax savings
If you regularly set aside a certain amount in your 401(k) before the coronavirus crisis, consider continuing with that strategy. "Saving for retirement should be a habit," says Jen Farrington, an investment advisor representative with Cutter Financial Group in Falmouth, Massachusetts. "Stopping now may become your new habit, which is not helping your overall retirement plan." If you keep saving in a 401(k) every month, it will be easier to stay committed when market conditions improve.
Focus on consistency
Even if the market shifts during the coming months, these short-term changes may not ultimately have a negative impact on your portfolio. Most retirement plans are set up for long-term investments. Keeping that time frame in mind can help you stay committed to saving in the future. "Even though putting new money into a market that has been unpredictable might be challenging for people to consider, it can help you build wealth over the longer term," Diesen says.
Fluctuations tend to be normal, and downs are often followed by ups in the market. For instance, after the financial crisis of 2008, economic conditions improved over time. "It is important to remember history shows us the markets will eventually come back," Farrington says. If you're unsure of how to plan for the coming years, talk to a financial advisor about your 401(k). You may be able to make some changes to keep your investments balanced and ready for whatever lies ahead.
Think About the Future