SECURE Act 2.0 aims to improve American’s financial security
At Nationwide, we have historically served as an advocate for the retirement security of American workers and investors. We remain committed to supporting efforts to improve the existing retirement savings system through regulatory changes that help more people achieve secure retirement outcomes.
For financial professionals and advisors, that task has become more difficult due to the COVID-19 pandemic. Over the last 12 months, many Americans experienced a drop in their financial security. In a recent Nationwide Retirement Institute® survey of 500 advisors and financial professionals, 77% said their clients had either stopped or slowed their retirement plan contributions due to COVID-19. Half of those we surveyed said their clients’ financial security had been negatively impacted by COVID-19.
Markets aim to begin 2021 similar to how 2020 ended
Thoughts
Markets are poised to begin 2021 similar to how 2020 ended, with a broad market rally. Last week saw a strong close to the year, with the S&P 500® Index touching its 33rd record close for 2020. The primary drivers of market strength continue to be optimism surrounding the vaccines and the benefits from the latest round of fiscal stimulus. The S&P 500 gained 68% from the March low after losing more than one-third of its value in less than a month, finishing the year with a return of 18.4%, the sixth-best performance in the past 20 years. Notable winners including the NASDAQ (+44.9%), the Russell 1000 Growth Index (+39.5%) and MSCI Emerging Market Index (+18.7%).