Wealth and Wisdom: Week of December 16, 2024
- Mike Brown
- Dec 16, 2024
- 4 min read
We’re sharing some timely stuff this week as we approach the end of 2024. A few ideas you might want to check off before year-end – and some heads-up items that might impact you beginning in 2025.
We got a bit of discouraging news on inflation last week: consumer prices bumped up in November, with the CPI running at a 2.7% clip versus 2.6% in October. Core inflation – which excludes food and energy costs – was even higher: 3.3% over a year ago.
Also of note, Arabica coffee futures hit a new high a few days ago – eclipsing a record set 47 years ago. If I seem a little crabbier than normal, now you know why. Humbug.
Before the November election, Democrats were cheering a growing economy, and Republicans were forecasting disaster. Now it’s exactly the opposite. (Reading time: 3 minutes)
When it comes to the economy, financial markets, and worker productivity – no other country comes close to the U.S. (Reading time: 3 minutes)
SECURE Act 2.0 allows employers to use 401(k) matches to help participants pay down their student loans – and they’re starting to do it. (Reading time: 5 minutes)
New rules could make it easier to save more for retirement – but if you recently inherited someone’s IRA, the IRS will be watching you next year. (Reading time: 6 minutes)
The rules have changed – and the clock is ticking. Here’s what you need to know about your 2024 required minimum distribution. (Reading time: 4 minutes)
Special rules apply for retirement savers who reach age 73 this year – and you need to understand their tax implications. (Reading time: 3 minutes)
You’ll owe income tax whenever you convert traditional IRA money to Roth – and it’s almost always better to pay it from a different source. (Reading time: 2 minutes)
Small gifts are rarely a problem – but if you’re being especially generous this year, consider these strategies to soften the potential tax blow. (Reading time 5 minutes)
Here are a dozen things you can spend money on from your flexible spending account (FSA) before the year-end deadline. (Reading time: 4 minutes)
It’s a new name for an old idea – but when it comes to squeezing the most out of every dollar you spend, it still works. (Reading time: 6 minutes)
Words to the Wise
“The rich invest their money and spend what is left; the poor spend their money and invest what is left.”
– Jim Rohn
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