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JUNE 18, 2020   |   VIEW AS WEBPAGE
 
 
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COVID-19 has made lakes and parks the go-to vacation destinations this summer.

International Summer Travel Takes a Hit


BY STEVE DINNEN 

If you own a cabin on Clear Lake or Okoboji, you’re in good shape, vacation-wise. If you want to take the family to London to see the queen, you’ll want to rethink your plans, as the pandemic has completely shredded long-distance summer vacation plans.

Sitting in his office across Fleur Drive from the nearly deserted Des Moines International Airport, Rick South, of the Travel Center Ltd., summed up the summertime travel opportunities: "For the most part 2020 in travel is at a standstill, except for shorter driving."

More than likely, he added, you won’t be able to use any international air tickets until next year: "Right now there is no travel outside the U.S. until all the [flight] restrictions are lifted."

If you insist, you can fly from the U.S. to London. But once there―as well as just about any other foreign destination that will even accept you―you’ll face a week or two of mandatory isolation. The same holds true for Hawaii, said South; it has even arrested people for violating its health safety policies.

Domestically, flights are operating but at reduced levels. You still can fly to Las Vegas, where you’ll find casinos reopening at a reduced capacity. Ditto Orlando, where Disney World has proposed a controlled opening for early July.

For now, cruising is on hold through end of July, said South.

So, less expansive trips, to parks or to visit family members, seem to be the way forward. Olivia Howe Espinosa of Des Moines is finding that to be just how she and her husband, Josh, and their two daughters will spend a week or so next monthmore or less isolated at a cabin on a small lake in remote Minnesota that her father, Greenfield attorney Jay Howe, rents every summer.

If you want to get completely off the grid, yet enjoy the summer, consider a camping-hiking-nature jaunt out West, where populations are way sparser. There are plenty of dude ranches open, and national parks abound and leave room for social distancing.   

I also recalled the Dismal River Club, which is a top-notch golf course tucked into the middle of the Sand Hills of Nebraska. They’ve added a pool, a spa and horseback riding in recent years, so there is much more of a family feel aside from watching Dad swat golf balls.  

Contact them, at 308-546-2900, about becoming a member, first, and availability in their cabins. If so, you’ll find yourself sharing 1,000 square miles of pristine Sand Hills with an entire county population of 682.
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Legacy Bridge
Conversions to Roth IRA Surge in Popularity

BY STEVE DINNEN 


The Roth IRA conversion has gained ground this year―a lot. Roth IRA provider Fidelity, according to Bloomberg News, has reported a 76% surge in the number of conversions from traditional IRAs to Roths in the first quarter compared with the same period of 2019.

What’s behind this? Several items are at play, including the stock market rout of March. That depressed the value of investments held in traditional IRAs, so there would be less money to pull from one of those accounts (and less owed in income taxes to pay for the conversion).

Also, sentiment in some circles is that income tax rates are going to rise. That will affect IRAs as money is withdrawn from them, so might it be wiser to take a tax hit now, on a conversion, and avoid higher taxes that could be due later? Once that money is tucked into a Roth, there is no more tax liability on any withdrawals.

Plus, you can pour more money into a Roth conversion than a straight-out Roth, which has a yearly contribution cap. For 2020, the IRS has lifted income limits for contributions. It also has extended the cutoff date for contributions for 2019 to July 15. So you still have a month to make that move.
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Values Pave a Path Through Chaos
While business continuity and disaster preparedness plans offer guidance, sticking to your company’s values can help any business adapt operations for a global pandemic. ... Read more »
Creating a Retirement Stream From Assets
BY KENN TACCHINO FOR MARKETWATCH

If you thought it was hard to save enough for retirement (and it was), wait until you see how daunting a task it is to parse out retirement assets to create retirement income.

After all, accumulation planning boils down to saving early; saving as much as you can; investing wisely; using a planner, software, or if need be, a rule of thumb to see if you hit your target; and staying on the job (if possible) if you haven’t acquired the requisite amount of assets.

That certainly doesn’t sound easy, but on the other hand "decumulation planning" (creating a stream of income from a pool of assets) requires identifying a viable draw-down strategy, investing wisely, and coping with a variety of uncontrollable issues. READ MORE.
Current Economic Crisis Unlike Any Other

BY CALEB SILVER FOR INVESTOPEDIA


The financial and economic crisis we find ourselves in today is unlike any other we have experienced in our recent history. It was brought on by a health pandemic that quickly turned into a steep and nasty recession as economies around the world were forced to come to a grinding halt. The short- and long-term effects of this crisis, however, may amplify many of the trends that have been in place for several decades.

Kenneth Rogoff, Harvard professor, former chief economist at the International Monetary Fund, and internationally respected expert on recessions, says this downturn doesn't fit neatly into any prior models. His 2009 best-selling and widely cited book with Carmen Reinhart, "This Time is Different: Eight Centuries of Financial Folly," examines the booms and busts that helped shape today's global economy. The coronavirus pandemic and ensuing recession have profoundly amplified trends that were already at work in the global economy, but how it evolves from here is the great unknown.

This time is certainly different. READ MORE
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