JDS Wealth Management - February 2021 Newsletter

February Newsletter - February 3rd, 2021

Greetings!

Welcome to February! If we can trust Sir Walter Wally, then we've supposedly got an early spring headed our way in North Carolina. While we haven't had a terrible winter so far (knock on wood), I can say with certainty that I'm ready for it to start warming up. A little sunshine and fresh air will do us all some good, and that's an easier feat to accomplish when we don't have to bundle up before heading out the door.

We're also heading into tax season, so I know a lot of you have that on your mind at the moment. Please note that most tax forms are required to be mailed no later than February 1st for 2021, so you should be getting those over the next week or so if you haven't already received them. Mail delivery has been slower in certain areas of the country more than others, so you may have to hold tight a bit longer than is typical to receive all of your forms, so just be patient. There are a few tax forms that you may not receive for another few months (notably K-1s, which are mailed by March 15th and 5498s, which aren't technically required to file anyway and are sent by May 31st), but most people should have what they need to file their returns shortly. Some custodians do make their tax forms available online in digital format, so you can always check online to see if that's an option to get a head start instead of waiting for them in the mail.

This month's The Wealth Report focuses on the uptick in investment scams since the onset of the pandemic. Investment scams can hit retirees especially hard, so it's important that you keep yourself aware of the red flags that could signal a potential investment scam. There is a wide range of ways that scammers target their victims, but most of them follow a similar pattern. Check out the article for some resources and links on how and where you can do some digging to be sure you're not getting bamboozled by scammers.

If you've got questions or concerns about your current financial situation for retirement, then feel free to get in touch with us for a review. We are set up to work remotely if you're not comfortable meeting in-person for the time being. Also, if you have friends or family that are worried about their financial plans for the future during this time, then encourage them to reach out to us. We are here to hopefully provide a little clarity during these uncertain times. Just let us know if there is anything we can do to ease some of your concerns going forward.

Until Next Month,

James D. Stillman

The Wealth Report

Investment Scams on the Rise

In 2020, the US Securities and Exchange Commission (SEC) issued an alert regarding a significant increase in investment scams. The sudden rise was attributed to the outbreak of the virus and subsequent market and economic declines. According to analysis of consumer complaint data by the Federal Trade Commission (FTC), there was a 70% upsurge in income scams during the second quarter of 2020 compared to the same period in 2019.

The FTC reports that Americans lose more money on investment scams than any other type of income fraud. While the median loss is just above $16,000, people in their 50s and 60s - the age when many are motivated to make up for lost ground with retirement savings - lose an average of $24,000.

All content is intended for informational purposes only. Any guarantees are for insured products only and are dependent on the claims paying abilities of the insurer. All investments carry some risk and you should be advised by your personal financial advisor before implementing any strategies discussed, as they are not suitable for everyone. James D. Stillman is an Investment Advisor Representative of JDS Wealth Management Corporation and AE Wealth Management.

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