Wealth and Wisdom: Week of June 21, 2021
There’s more evidence now that inflation is here and might be with us for a while. Producer prices – the things that go into the things we buy – rose 6.6% in May. That’s the highest number we’ve seen in more than a decade and will likely get passed along to consumers to some extent in the coming months.
A surge in inflation might also push the Fed to allow interest rates to rise, which is often a negative for the financial markets.
I’m going to be away for a few days, so there will be no Wealth and Wisdom next Monday and no new additions to the blog this week. You’ll hear from me again on Tuesday, July 6.
Have a great couple of weeks!
Gold: a hit-or-miss inflation hedge
If you’re buying gold to protect you from a resurgence in inflation – keep your fingers crossed. (Reading time: 4 minutes)
6 tax law changes for 2021
If you have children, give to charity, attend college, or want to make your home more energy-efficient, read this. (Reading time: 5 minutes)
The latest update on SECURE 2.0
The odds are growing that the RMD age will be extended – along with a slew of other changes to retirement planning. (Reading time: 6 minutes)
Lump-sum pension pros and cons
Deciding between lifetime income and a big chunk of money upfront isn’t as simple as it might seem. Here’s what to consider. (Reading time: 5 minutes)
A crash course on Social Security
Start researching your benefits by setting up a free online account to see what you have coming. (Reading time: 3 minutes)
New retirement strategy: Don’t retire!
There’s no law that says you have to stop working at a given age – especially if you don’t like what you see on the other side. (Reading time: 7 minutes)
Before you get a new credit card
Answer these three questions about yourself to help choose the best card for your needs. (Reading time: 3 minutes)
Debt triage
If you could pay off all your debts at once, you probably would have done it already. Here’s a strategy for picking them off one-by-one. (Reading time: 4 minutes)
A personal finance book list
Summer reading ideas: Bankrate’s list of favorite personal finance books. (Reading time: 5 minutes)
Mike’s Pro Tip of the Week
No one wants you to suffer through a hot St. Louis summer without air conditioning, but if you want to stay cool and spend less, use a fan in place of – or in addition to – your AC. According to Pogue’s Basics: Money: “A ceiling fan set on high, running for 12 hours a day, will cost you maybe $3.50 a month – that’s one-tenth as much as a window air conditioner, or 3 percent as much as central air.”
WORDS TO THE WISE
“The country has come to feel the same when Congress is in session as when the baby gets hold of a hammer.”
Will Rogers
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