Wealth and Wisdom: Week of July 15, 2024
- Mike Brown
- Jul 15, 2024
- 4 min read
Finding income is an eternal struggle for most retirees – many of whom still labor under the assumption that it’s no longer possible to live off the income your investments generate.
If you are retired – or preparing to – and want to learn potential ways to invest for a lifetime of income that are designed to rise over time, please put Saturday, August 10 on your calendar and join me for the latest installment in our Help Me Retire workshop series. It’s a brand-new presentation I created entitled “Investing for Income in Retirement.”
Wealth and Wisdom subscribers will be getting a personal email invitation in the coming weeks, but I want you to have a heads-up if this is something of interest to you. Seating will be limited.
Wealth and Wisdom will be on a brief summer hiatus for the next couple of weeks. Look for your next update on Monday, August 5.
After years of soaring tuition and the student debt that comes with it, only one in four Americans now believe a college degree is worth the money. (Reading time: 4 minutes)
The research is clear: the more you fiddle with your investments, the more it’s likely to hurt your returns – creating a gap that compounds over time. (Reading time: 4 minutes)
Congress has three options for fixing Social Security – and none will help them get re-elected. (Reading time: 5 minutes)
Dave Ramsey advises people to claim Social Security early and invest it – but his critics say the numbers don’t add up. (Reading time: 4 minutes)
Meet three people who acquired great wealth in three very different ways – and learn a valuable lesson from each of them. (Listening time: 19 minutes)
The best choice for you is based on your own objectives and situation – so do your homework before deciding. (Reading time: 4 minutes)
Giving every dollar a job can help you spend more wisely, build your savings, and reduce debt. Here’s how it works. (Reading time: 4 minutes)
Before you tap into your home’s growing equity, understand all the fees, restrictions, and penalties associated with home equity lines of credit. (Reading time: 5 minutes)
Here are 10 items you might have squirreled away that some collectors are willing to pay big money for. (Reading time: 5 minutes)
Words to the Wise
“You can't have everything. Where would you put it?”
– Steven Wright
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
Links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Brown Family Wealth Advisors and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Expressions of opinion are as of this date and are subject to change without notice. Past performance does not guarantee future results. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market.
Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors. There is also a risk that these plans may lose money or not perform well enough to cover education costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. The tax implications can vary significantly from state to state.
Unless certain criteria are met, Roth IRA owners must be 59 ½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Brown Family Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services.
These policies have exclusions and/or limitations. Guarantees are based on claims paying ability of the issuing company. Long Term Care Insurance or Asset Based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½ may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. The cost and availability of Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. Please consult with a licensed financial professional when considering your insurance options.
Dividends are not guaranteed and must be authorized by the company’s board of directors.
Roth 401(k) plans are long-term retirement savings vehicles. Contributions to a Roth 401(k) are never tax deductible, but if certain conditions are met, distributions will be completely income tax free. Unlike Roth IRAs, Roth 401(k) participants are subject to required minimum distributions at age 72 (70 ½ if you reached 70 ½ before January 1, 2020).
