Wealth and Wisdom: Week of July 8, 2024
- Mike Brown
- Jul 8, 2024
- 4 min read
Fed policymakers say they’re happy that inflation is starting to cool – but that it’s still too early to cut interest rates. That’s good news for short-term savers, who are finally enjoying decent yields – and bad news for folks waiting to buy an over-priced home at mortgage rates still hovering around 7% nationally.
Meanwhile, the equity train rolls on, with major indexes all at or near their all-time highs with nary a hint of volatility. Most of the gains – around 60% in the first half of 2024 – are coming from just a handful of higher-growth/higher-risk stocks, leaving the “average” equity investor behind, at least for now.
It’s simpler, more efficient, and allows workers to invest a portion of what they pay in. Is it finally time to consider something different? (Reading time: 5 minutes)
We all know delaying Social Security benefits means higher benefits – but here are three big reasons it might not be the smartest move. (Reading time: 3 minutes)
What financial changes would you make if you knew you would live into your 90s? (Reading time: 4 minutes)
The amount you’re required to withdraw from retirement plans could trigger a Medicare surcharge. These two popular strategies might help you avoid it. (Reading time: 3 minutes)
The tax agency’s own independent watchdog says it shouldn’t take anywhere near two years to resolve identity theft cases. (Reading time: 4 minutes)
Some people are living paycheck-to-paycheck, while others are maxing out their retirement accounts. Here’s how to make the switch. (Reading time: 4 minutes)
You’ve got a career to build, a family to raise, and student loans to pay off – but doing these 10 things now could pay off big by the time you retire. (Reading time: 5 minutes)
Building wealth requires adding to your investments in good times and bad – and doing it for a long, long time. (Reading time: 5 minutes)
The less debt you have, the more choices you can make with your life – and the better you’ll be able to handle the setbacks you’re bound to face. (Reading time: 3 minutes)
You probably know some of these already – but I’ll bet there’s at least one idea in here that can save you more money. (Reading time: 4 minutes)
Words to the Wise
“There are two kinds of people - those who do the work and those who take the credit. Try to be in the first group; there is less competition there.”
– Indira Gandhi
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).
