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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.
By Mark Hackett
In the impressive market recovery since last March, the S&P 500® Index rallied 77%, largely in response to unprecedented monetary policy accommodation by the Federal Reserve. The FOMC cut the Fed Funds target rate to 0% on March 15, 2020 and accelerated its bond-buying program to provide liquidity and avoid a deflationary spiral. Concerns were growing that the economic shutdown and shifts in consumer behavior would keep inflation below the Fed’s 2% target. At the recent FOMC meeting, Fed Chair Powell reiterated the central bank’s commitment to a dovish monetary stance until inflation targets are achieved. The data continues to show modest inflation, with consumer price inflation (CPI) up just 1.4% from a year ago despite pressure from commodities and housing. This marked the 11th-consecutive month that CPI was below the 2% target. Since the target was first announced by the Fed in 2012, inflation has exceeded 2% in 38% of months, but only five times in the last