Wealth and Wisdom: Week of May 5, 2025
- Mike Brown
- May 5
- 4 min read
Updated: 5 days ago
The U.S. economy stopped growing during the first three months of 2025.
Fearing the impact of tariffs, businesses started stockpiling imported goods in the first quarter, while consumers slowed down their rate of spending. Gross domestic product declined 0.3% – the sharpest drop in three years. Economists were expecting GDP to grow at an annualized rate of 0.4% to 0.8%.
That doesn’t mean we’re in a recession – at least not yet – but with businesses and consumers both afraid to make big financial commitments in today’s unpredictable environment, it’s clearly cause for concern.
This heightened anxiety is also tempting seniors to make what could be a big mistake that will compound over the rest of their lives. Growing doubts over the future of Social Security is prompting more Americans to claim retirement benefits earlier than planned – permanently locking them into reduced income levels.
The economy will likely start growing again. But deciding to accept a lower Social Security benefit than you’ve earned because you’re worried about the future – that’s irreversible.
Pushing out Social Security’s full retirement age might help save the system – but many people aren’t willing or able to work longer than planned. (Reading time: 2 minutes)
New research suggests that most Americans are more afraid of running out of money in retirement than they are of death. (Reading time: 5 minutes)
Retirement doesn’t have to be cold turkey. Consider these dozen ideas for a more gradual transition. (Reading time: 5 minutes)
More and more retirees are in debt right now – and much of it is the worst kind. (Reading time: 5 minutes)
They’re called go-go, slow-go, and no-go – and you should probably have a different financial strategy for each one. (Reading time: 3 minutes)
If you are age 60 to 63 right now, you have a unique opportunity to supercharge the amount you’re saving in retirement plans. (Reading time: 3 minutes)
If and when President Trump’s tariffs are fully implemented, look for double-digit increases in the cost of healthcare nationwide. (Reading time: 4 minutes)
Why is it so hard for young adults to start investing for the future? For many, it’s just too complex. (Reading time: 3 minutes)
In my book, I call it “digging your moat” – creating a financial barrier to protect yourself from financial setbacks. (Reading time: 5 minutes)
Before you cram all those tax documents in a box and forget about them, use this opportunity to get a handle on your records once and for all. (Reading time: 3 minutes)
Words to the Wise
“Today we worry that stocks are a bad investment. Thirty years from now, we'll wonder why we owned anything else.”
– Jonathan Clements
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