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Q320 on Whole Book WEB 0 CHARLES SCHWAB ONWARD INSIGHTS FOR CLIENTS INVESTED IN THEIR FINANCIAL FUTURES FALL 2020 FLY RIGHT FLY FALL 2020 FALL Fly Right 1 Reboot your finances 2 Rightsize your risk tolerance 3 Buy and sell the smart way Page 13 Page 22 Page 26 Dear Client, With the disruption to the economy and market volatility reaching the highest levels since the Great Recession, few of us have been spared the financial turmoil caused by COVID-19. That’s why we’ve assembled guidance to help you move forward in an uncertain world, from getting your financial house in order (page 13), to reassessing your risk exposure (page 22), to making strategic— rather than emotional—buy and sell decisions (pages 20 and 26). Elsewhere in this issue, we dissect the new rules for inherited IRAs (page 11), offer tips for converting your nest egg into a reliable monthly paycheck in retirement (page 30), and much more. If you need help navigating your finances, I encourage you to reach out to us at 877-297-1126. We welcome the opportunity to speak with you about your financial situation and goals. Sincerely, Joseph Vietri Senior Vice President, Investor Services See page 42 for important information. (0820-0NM2) Fall 2020 CONTENTS 5 13 26 30 DEPARTMENTS FEATURES 2 SCHWAB ORIGINALS PERSPECTIVES 22 Reassessing Risk Learn, listen, and watch. 13 What investors can do How much risk can you really to rebuild their finances. handle? The answer may By Rob Williams surprise you. 3 CEO’s NOTE Whatever your circumstances, 16 How to choose the right we’re here to help. target-date fund for you. 26 Investing Mindfully By Walt Bettinger By Michael Iachini The secret to more purposeful investment 17 Using investment losses to decisions. THE BOTTOM LINE your advantage. 5 Outsize gains + outsize By Hayden Adams losses can = long-term success. 30 Get Cracking Convert your nest egg into a 7 How much tax to withhold in 20 TRADING reliable monthly paycheck. retirement. Three Schwab Trading Services professionals on regrouping 8 What to know before adding after a market crash. 34 Parting Ways socially responsible investments Divorce after age 50 presents to your retirement portfolio. special challenges. 38 SPOTLIGHT 9 Shopping for bonds. Moving money on schwab.com; Onward (ISSN 2330-3514) is published quarterly. ™ Schwab Stock Slices ; This publication is mailed at Standard A postal Personalized Portfolio Builder. rates. ◆ If you prefer not to receive Onward, 11 FAMILY MATTERS please call 877-908-0065. ◆ POSTMASTER: What the new time limit on Send address changes to Onward, Charles Schwab & Co., Inc., P.O. Box 982600, El Paso, inherited IRAs means for your 44 ON YOUR SIDE TX, 79998-2600. Onward does not assume any estate plan. Perseverance pays off. liability resulting from actions taken based on the By Charles R. Schwab information included in this magazine. Mention of a company or security does not constitute endorsement. Some contributors to Onward may have active positions in securities or companies discussed in this issue. MAG105674Q320-00 ON THE COVER: SCULPTURE BY DIANA BELTRAN HERRERA FALL 2020 | ONWARD | 1 SCHWAB ORIGINALS Learn Listen Whether it’s when to adjust your risk exposure, how Join Wharton professor and decision scientist to sell in a down market, or where to find decent Katy Milkman for Season 6 of our podcast yields, we answer your most-pressing investment Choiceology™. Listen and subscribe at questions at schwab.com/volatility/faqs. schwab.com/choiceology. Watch Follow Schwab’s Trading Up-Close videos unpack key Fixed income @kathyjones trading concepts and explain how to use a variety of International @jeffreykleintop fundamental and technical indicators. Watch now at Markets and economy @lizannsonders schwab.com/trading-up-close. Personal finance @carrieschwab Research @schwabresearch Trading @randyafrederick Washington @miketownsendcs (0820-0LYD) Joe Carberry Mark W. Riepe, CFA® Sara Smith Senior Vice President, Senior Vice President, Editor in Chief Communications & Schwab Center for Owned-Channel Marketing Financial Research Jeremy Hartley and Community Managing Editor Tamar Dorsey Helen Loh Vice President, Stacia Miller Senior Vice President, Brand Journalism Associate Managing Retail Client & Editor Owned-Channel Marketing PORLAN MIGUEL BY ILLUSTRATIONS 2 | CHARLES SCHWAB | FALL 2020 CEO’s NOTE n T his year has eclipsed even the If you’re looking for market com- Come Great Recession in terms of the mentary, schwab.com/insights now personal and financial hardship so offers a curated selection of timely What May many families have had to endure. All analyses from Schwab experts as well of us have been impacted by COVID-19 as time-honored investing strategies Whatever the circumstances, in one way or another. for when markets turn volatile. we’re here to help. In these uncertain times, we at n If you have questions about your Schwab are here to support you in any account or how to use various way we can. That’s why we’ve been Schwab services, our new schwab.com/ rolling out resources to help make FAQs provides quick answers. sense of the current environment and n And, of course, you can reach us keep your finances on track: 24/7 at 800-435-4000 with any ques- tions or concerns. We’ve been rolling out At the same time, we’ve taken a resources to number of measures to safeguard the health and well-being of our employ- help keep ees so they can stay safe and care for your finances their families while also continuing to on track. serve you. Although the current crisis is unprecedented, this is not our first downturn, nor is it likely to be our last. But that doesn’t make us any less opti- mistic about the future. We still believe in the power of investing—and look forward to helping you achieve your goals, come what may. Sincerely, Walt Bettinger President & CEO See page 42 for important information. (0820-0NLM) FALL 2020 | ONWARD | 3 Be a true-blue friend. Refer your friends and family, and they can get up to $500. Friends and family earn a Bonus Award when they make a qualifying net deposit of cash or securities. Net Deposit Bonus Award $1,000–$24,999 $100 Visit schwab.com/refer or call 800-398-8640 for details. $25,000–$49,999 $200 $50,000–$99,999 $300 $100,000+ $500 Brokerage Products: Not FDIC-Insured • No Bank Guarantee • May Lose Value New-to-fi rm clients who are referred, open an eligible account, enroll in the offer, and make a qualifying net deposit of $1,000–$100,000+ within 45 days can earn a Bonus Award of $100–$500. Schwab may change the terms or terminate this offer at any time. See schwab.com/refer for details. While we greatly appreciate all client business, we are unable to accept referrals from clients who hold only a PCRA or CRA with Schwab. ©2020 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. CC4260847 (0820-049K) ADP110412OW-00 (06/20) 00247392 ADP110412OW-00.indd 1 6/23/20 9:01 AM CONTENTS PORTFOLIO MANAGEMENT | TAXES | SOCIALLY RESPONSIBLE INVESTING | AND MORE A fter months of fast drops and your long-term investments. “Those The Law of sudden rises in the market this deep valleys don’t look quite so scary year, investors may have all but forgot- if you’re able to zoom out from the Averages ten 2019’s record runup of nearly 30%. day-to-day and see the big picture,” But recency bias—or the tendency to says Mark Riepe, head of the Schwab How outsize gains plus believe something is more likely to Center for Financial Research. outsize losses can add up to happen again because it happened The fact is, the S&P 500 returned long-term success. recently—highlights the need to look an average of about 10.2% annually ILLUSTRATION BY JOSIE PORTILLO JOSIE BY ILLUSTRATION beyond the present when it comes to from its inception in 1926 through FALL 2020 | ONWARD | 5 THE BOTTOM LINE 2019 (see “The bigger picture,” below). accounts. “You shouldn’t focus on that your financial situation hasn’t funda- In other words, even the market’s money every single day,” Mark says. mentally changed,” Mark says. “If it has, darkest days—including three Black “At best, you’ll drive yourself crazy. At revisit your financial plan.” Mondays (10/28/1929, 10/19/1987, and worst, you’ll be tempted to sell when As for external events, remember 08/24/2015) and numerous other mar- markets turn against you.” that, good or bad, this too shall pass. ket corrections—couldn’t knock the Of course, you shouldn’t completely “Just as you shouldn’t make plans based index off its long-term march upward. ignore your investments, either. “Review on the good times lasting forever,” If you have a hard time stomaching your statements and adjust your hold- Mark says, “neither should you make volatility, Mark’s advice is to limit ings as necessary in order to maintain plans assuming the bad times will last how often you check your long-term your target asset allocation—assuming forever—because they won’t.” The bigger picture Despite nearly a century of extreme peaks and valleys, the S&P 500 has averaged an annual return of 10.2% since its inception. 60% Average annual return: 10.2% 50% 40% 30% 20% 10% 0% S&P 500 annual returns annual S&P 500 –10% –20% –30% –40% –50% 1926 1928 1930 1932 1934 1936 1938 1940 1942 1944 1946 1948 1950 1952 1954 1956 1958 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Source: Schwab Center for Financial Research.
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