The Weekly Wealth of Knowledge is your download of this week's most important topics related to our community, financial planning, and the markets. March kicks off "retirement planning" month at MONECO. All month long we will be providing you a host of content about planning for retirement and all the things you need to be doing to prepare for it and enjoy it, if you are already there.
In this issue:
• Team MONECO - Bridgeport Hospital (2 min read)
• RMD Deadline Coming Soon (3 min read)
• FDIC Insurance, SVB & Signature Bank (2 min read)
BONUS:Fairfield Police Sunset 5k - Presented by MONECO Advisors
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Team MONECO - Girl Scouts Of CT
Getting involved in our local community allows our team at MONECO Advisors to make positive contributions in the place where we raise our families and work every day. To highlight the organizations we are involved in, we are spotlighting one group a week to bring more awareness to the great things they do each and every day.
Another one of the organizations that members are involved with is the Neonatal Intensive Care Unit (NICU) at Bridgeport Hospital. Yale New Haven Children's Hospital has campuses in New Haven and Bridgeport, providing families with access to neonatology services from one of the country's best hospitals. Regardless of which campus you visit, your child will receive exceptional care from our expert neonatologists. From advanced technology in monitoring and responding to an infant's needs to our highly skilled specialists, The Allison Family Neonatal Intensive Care Unit (NICU) at Bridgeport campus promotes high-quality, family-centered care. It also means families will have the best experience and know they gave their baby the best possible opportunity at a healthy, happy life.
If you would like to learn more or get involved, do not hesitate to reach out.
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RMD Deadline Coming Soon
Required Minimum Distributions (RMDs) are an important part of your overall financial plan and longer term tax planning. If you turned 72 last year (i.e., during 2022), the deadline for taking your first one is approaching on April 1st. Here is what you need to know, along with some recent changes in the process. If you have questions, we are here to help.
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FDIC Insurance, SVB & Signature Bank
When events like Silicon Valley Bank (SVB) and Signature Bank happen, it's natural to wonder how a bank safeguards your funds. Fortunately, the Federal Deposit Insurance Corporation (FDIC) insurance was designed for this very reason: to help protect your funds once deposited.
The FDIC is an independent government agency that protects bank depositors from the loss of uninsured deposits at an FDIC-insured bank. This organization oversees FDIC deposit insurance, which protects bank customers if an FDIC-insured institution fails. In other words, FDIC insures your money at the bank.
In the event of a bank failure, the FDIC provides depositors with an insurance payout of up to $250,000 per depositor, per institution, and per ownership category. If your bank is an FDIC-insured institution, you don't need to apply for FDIC insurance because coverage is automatic.
With SVB and Signature Bank, banking regulators took the extraordinary step of designating both banks as systemic risks to the financial system, giving regulators flexibility to backstop the uninsured deposits. Regulators hoped that by protecting these deposits, they would bolster confidence in the banking system.
We expect the government’s quick actions will boost trust in the banking system, yet these events may have an impact on longer-term economic growth. We are keeping a close watch on the situation and plan to provide you with additional updates as the situation evolves. As always, if you have any questions, do not hesitate to reach out to the office.
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Fairfield Police Sunset 5k - Presented by MONECO Advisors
The 5th Annual Fairfield Police Sunset 5K is Presented by MONECO Advisors and will be held again this year on July 19th at 6:30P.M. All proceeds will be donated to the Fairfield Police Union Scholarship Fund & the Fairfield Police Foundation. You can run (3.1 mile) or walk (1 mile) course. We were able to increase the number of participants to 1000 this year and do expect to sell out, so don't delay, sign up today for Fairfield's most memorable night of the summer! Sponsorship opportunities available via the registration link as well.
The opinions voiced in this material are for general information only and are not intended to provide specific financial or tax advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.