Raymond James &Associates, Inc.Wilmarth Private Wealth ManagementSteven Wilmarth, CEP®, WMS®Senior Vice-President, Investments202 N. Harbor City Blvd.Suite 200Melbourne, FL 32935321-253-7911steve.wilmarth@raymondjames.comwww.wilmarthpwm.com

February 2020The SECURE Act Offers NewOpportunities for Individuals andBusinesses

Closing Gaps in Your Insurance Coverage

How can I lower my credit card debt?

How can I improve my credit report?

Wilmarth PWM MonthlyStreamlined Solutions for a Lifetime of Needs

Tips for Targeting Your Retirement Savings Goal

See disclaimer on final page

What if you're savingas much as you can,but still feel that yourretirement savingsgoal is out of reach?As with many oflife's toughestchallenges, it mayhelp to focus less onthe big picture andmore on the details.

Regularly review your assumptionsWhether you use a simple online calculator orrun a detailed analysis, your retirement savingsgoal is based on certain assumptions that will,in all likelihood, change. Inflation, rates ofreturn, life expectancies, salary adjustments,retirement expenses, Social Security benefits —all of these factors are estimates.

That's why it's important to review yourretirement savings goal and its underlyingassumptions regularly — at least once per yearand when life events occur. This will helpensure that your goal continues to reflect yourchanging life circumstances as well as marketand economic conditions.

Break down your goalInstead of viewing your goal as ONE BIGNUMBER, try to break it down into ananticipated monthly income need. That way youcan view this monthly need alongside yourestimated monthly Social Security benefit,income from your retirement savings, and anypension or other income you expect.

This can help the planning process seem lessdaunting, more realistic, and most important,more manageable. It can be far lessoverwhelming to brainstorm ways to close a

gap of, say, a few hundred dollars a month thana few hundred thousand dollars over theduration of your retirement.

Stash extra cashWhile every stage of life brings financialchallenges, each stage also bringsopportunities. Whenever possible — for example,when you pay off a credit card or school loan,receive a tax refund, get a raise or promotion,celebrate your child's college graduation (andthe end of tuition payments), or receive anunexpected windfall — put some of that extramoney toward retirement.

Reimagine retirementWhen people dream about retirement, theyoften picture exotic travel, endless rounds ofgolf, and fancy restaurants. Yet people oftenderive happiness from ordinary, everydayexperiences such as socializing with friends,reading a good book, taking a scenic drive, andplaying board games with grandchildren.

While your dream may include days filled withextravagant leisure activities, your retirementreality may turn out to be much different, andthat actually may be a matter of choice.

Do your bestSetting a goal is a very important first step inputting together your retirement savingsstrategy, but don't let the number scare you. Aslong as you have an estimate in mind, review itregularly, break it down to a monthly need, andincrease your savings whenever possible, youcan take heart knowing that you're doing yourbest to prepare for whatever the future maybring.

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The SECURE Act Offers New Opportunities for Individuals andBusinessesThe SECURE Act (Setting Every CommunityUp for Retirement Enhancement Act) is majorlegislation that was passed by Congress as partof a larger spending bill and signed into law bythe president in December. Here are a fewprovisions that may affect you. Unlessotherwise noted, the new rules apply to tax orplan years starting January 1, 2020.

If you're still saving for retirementTo address increasing life expectancies, thenew law repeals the prohibition on contributionsto a traditional IRA by someone who hasreached age 70½. Starting with 2020contributions, the age limit has been removed,but individuals must still have earned income.

If you're not ready to take requiredminimum distributionsIndividuals can now wait until age 72 to takerequired minimum distributions (RMDs) fromtraditional, SEP, and SIMPLE IRAs andretirement plans instead of taking them at age70½. (Technically, RMDs must start by April 1of the year following the year an individualreaches age 72 or, for certain employerretirement plans, the year an individual retires,if later).

If you're adding a child to your familyWorkers can now take penalty-free earlywithdrawals of up to $5,000 from their qualifiedretirement plans and IRAs to pay for expensesrelated to the birth or adoption of a child.(Regular income taxes still apply.)

If you're paying education expensesIndividuals with 529 college savings plans maynow be able to use account funds to help payoff qualified student loans (a $10,000 lifetimelimit applies per beneficiary or sibling). Accountfunds may also be used for qualifiedhigher-education expenses for registeredapprenticeship programs. Distributions madeafter December 31, 2018, may qualify.*

If you're working part-timePart-time workers who log at least 500 hours inthree consecutive years must be allowed toparticipate in a company's elective deferralretirement plan. The previous requirement was1,000 hours and one year of service. The newrule applies to plan years beginning on or afterJanuary 1, 2021.

If you're an employer offering aretirement planEmployers that offer plans with an automaticenrollment feature may automatically increaseemployee contributions until they reach 15% of

pay (the previous cap was 10% of pay).Employees will have the opportunity to opt outof the increase.

Small employers may also benefit from new taxcredit incentives. The tax credit that smallbusinesses may take for starting a newretirement plan has increased. Employers maynow take a credit equal to the greater of (1)$500 or (2) the lesser of (a) $250 times thenumber of non-highly compensated eligibleemployees or (b) $5,000. The previousmaximum credit amount allowed was 50% ofstartup costs up to a maximum of $1,000 (i.e., a$500 maximum credit).

In addition, a new tax credit of up to $500 isavailable to employers that launch a newSIMPLE IRA or 401(k) plan with automaticenrollment.

These credits are available for three years, andemployers that qualify may claim both credits.

*There are generally fees and expensesassociated with 529 savings plan participation.Investments may lose money or not performwell enough to cover college costs asanticipated. Investment earnings accumulate ona tax-deferred basis, and withdrawals aretax-free if used for qualified higher-educationexpenses. For withdrawals not used forqualified higher-education expenses, earningsmay be subject to taxation as ordinary incomeand possibly a 10% federal income tax penalty.Discuss the tax implications of a 529 savingsplan with your legal and/or tax advisors; thesecan vary significantly from state to state. Moststates offer their own 529 plans, which mayprovide advantages and benefits exclusively forresidents and taxpayers, including financial aid,scholarship funds, and protection fromcreditors.

Before investing in a 529 savings plan, considerthe investment objectives, risks, charges, andexpenses carefully. Obtain the officialdisclosure statements and applicableprospectuses — which contain this and otherinformation about the investment options,underlying investments, and investmentcompany — from your financial professional.Read these materials carefully before investing.

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Closing Gaps in Your Insurance CoverageBuying insurance is about sharing or shiftingrisk, but you may think you're covered forspecific losses when, in fact, you're not. Hereare some common coverage gaps to considerwhen reviewing your own insurance coverage.

Life insuranceIn general, you want to have enough lifeinsurance coverage (when coupled withsavings and income) to allow your family tocontinue living the lifestyle to which they'reaccustomed. But changing circumstances mayleave a gap in your life insurance coverage.

For example, if you have life insurance throughyour employer, a job change could affect yourcoverage. Your new employer may not offer thesame amount of insurance, or the policyprovisions may differ. Review your income,savings, and expenses annually to help ensurethat the amount of life insurance you havematches your needs.

Homeowners insuranceIt may not be clear from reading yourhomeowners policy which perils are coveredand how much damage will be paid for. It'simportant to know what your homeownerspolicy covers and, more important, what itdoesn't cover.

You might think your insurer would pay the fullcost to replace your home if it were destroyedby a covered occurrence. But many policiesplace a cap on replacement cost up to the faceamount stated on the policy. You may want tocheck with a building contractor to get an ideaof the replacement cost for your home, thencompare it to your policy to be sure you haveenough coverage.

Even if your policy states that "all perils" arecovered, most policies carve out manyexceptions or exclusions to this generalprovision. For example, damage caused byfloods, earthquakes, and hurricanes may becovered only by special addendums to yourpolicy, or in some cases by separate insurancepolicies altogether. Also, your insurer may notcover the extra cost of rebuilding attributable tomore stringent building codes, or your policymay limit how much and how long it will pay fortemporary housing while repairs are made.

To help avoid these gaps in coverage, reviewyour policy annually with your insurer. Also payattention to notices you may receive. What maylook like boilerplate language could actually besignificant changes to your coverage. Don't relyon your interpretations — ask for an explanationfrom your insurer or agent.

Auto insuranceWhich drivers and what vehicles are covered byyour auto insurance? Most policies providecoverage for you and family members residingwith you, but it's not always clear-cut. Forinstance, a child who is living in a college dormis probably covered, but a child who lives in anoff-campus apartment might be excluded fromcoverage. If you and your spouse divorce,which policy insures your children, particularly ifthey are living with each parent at differenttimes of the year? Notify your insurer about anychange in living arrangements to avoid a gap incoverage.

Other gaps include no coverage for damagedbatteries, tires, and shocks. And you might notbe covered for stolen or damaged mobilephones or other electronic devices. Your policymay also limit the amount paid for a rental whileyour vehicle is being repaired.

In fact, insurance coverage for rental cars mayalso pose a problem. For instance, your owncollision coverage may apply to the rental caryou're driving, but it may not pay for all thedamage alleged by a rental company, such asloss of use charges. If you're leasing a car longterm, your policy may cover the replacementcost only if the car is a total loss or is stolen.But that amount may not be enough to pay forthe outstanding balance of your lease. Gapinsurance can cover any difference betweenwhat your insurer pays and the balance of yourlease.

Policy terms and conditions aren't always easilyunderstood, and you may not be sure what'scovered until it's time to file a claim. So reviewyour insurance policy to help ensure you'vefilled all the gaps in your coverage.

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Raymond James &Associates, Inc.Wilmarth Private WealthManagementSteven Wilmarth, CEP®, WMS®Senior Vice-President, Investments202 N. Harbor City Blvd.Suite 200Melbourne, FL 32935321-253-7911steve.wilmarth@raymondjames.comwww.wilmarthpwm.com

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2020

Raymond James & Associates, Inc.,member New York StockExchange/SIPC

This information, developed by anindependent third party, has beenobtained from sources considered tobe reliable, but Raymond Jamesdoes not guarantee that the foregoingmaterial is accurate or complete. Thisinformation is not a completesummary or statement of all availabledata necessary for making aninvestment decision and does notconstitute a recommendation. Theinformation contained in this reportdoes not purport to be a completedescription of the securities, markets,or developments referred to in thismaterial. This information is notintended as a solicitation or an offerto buy or sell any security referred toherein. Investments mentioned maynot be suitable for all investors. Thematerial is general in nature. Pastperformance may not be indicative offuture results. Raymond James doesnot provide advice on tax, legal ormortgage issues. These mattersshould be discussed with theappropriate professional.

How can I improve my credit report?Most lenders use credit reportinformation to evaluate thecreditworthiness of potentialborrowers. Borrowers withgood credit are presumed to

be more creditworthy and may find it easier toobtain a loan, often at a lower interest rate.

You can do a number of things to help improvewhat's on your credit report, including thefollowing.

Pay bills on time. Your credit report providesinformation to lenders regarding your paymenthistory. For the most part, a lender mayassume that you can be trusted to make timelymonthly debt payments in the future if you havedone so in the past. Consequently, if you havea history of late payments and/or unpaid debts,a lender may consider you to be a high creditrisk and turn you down for a loan.

Limit credit inquiries. Each time you apply forcredit, the lender will request a copy of yourcredit report. The lender's request then appearsas a "hard inquiry" on your credit report. Toomany of these inquiries in a short amount oftime could be viewed negatively by a potentiallender, since it may indicate that the borrowerhas a history of being turned down for loans or

has access to too much credit.

Build a credit history. You may have goodcredit, but not enough of it. As a result, you mayneed to build up more of your credit historybefore a lender deems you worthy to take onnew debt.

Correct errors on your report. Uncorrectederrors on a credit report could make it difficultfor a lender to accurately evaluatecreditworthiness and could result in a loandenial. If you have errors on your credit report,it's important to correct your report by disputinginaccurate or incomplete information,

Finally, if you are ever turned down for a loan,you can find out why. Under federal law, youare entitled to a free copy of your credit reportas long as you request it within 60 days ofreceiving notice of a company's adverse actionagainst you. Federal law also entitles you to afree annual credit report from all three creditreporting agencies (Experian, Equifax™, andTrans Union™). You can obtain this report byvisiting AnnualCreditReport.com.

How can I lower my credit card debt?If you find that you arestruggling to pay down a creditcard balance, here are somestrategies that can helpeliminate your credit card debt.

Pay off cards with the highest interest ratefirst. If you have more than one card thatcarries an outstanding balance, one option is toprioritize your payments according to theirinterest rates. Send as large a payment as youcan to the card with the highest interest rateand continue making payments on the othercards until the card with the highest interestrate is paid off. You can then focus yourrepayment efforts on the card with thenext-highest interest rate, and so on, untilthey're all paid off.

Apply for a balance transfer with anothercard. Many credit card companies offer highlycompetitive balance transfer offers (e.g., 0%interest for 12 months). Transferring your creditcard balance to a card with a lower interest ratemay enable you to reduce interest fees and paymore against your existing balance.

Most balance transfer offers charge a fee(usually a percentage of the balancetransferred), so be sure to do the calculations tomake sure it's cost-effective before you apply.

Pay more than the minimum. If you pay onlythe minimum payment due on a credit card,you'll continue to carry the bulk of your balanceforward without reducing your overall balance.Instead, try to make payments that exceed theminimum amount due. For more detailedinformation on the impact that making just theminimum payment will have on your overallbalance, you can refer to your monthlystatement.

Look for available funds to make alump-sum payment. Are you expecting anemployment bonus or other financial windfall inthe near future? If so, consider using thosefunds to eliminate or pay down your credit cardbalance.

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