Wealth and Wisdom: Week of July 5, 2021
It’s been 245 years now, and the Great Experiment continues. Old Glory still waves. And we are all still free to make the best of the life we’ve been given. I hope you enjoyed a nice holiday weekend and are ready to get on with the rest of the year – whatever it might bring us.
Missed you last week, but Tammy and I enjoyed getting away for the first time in over a year and a half, and I hope you get the opportunity to do likewise when you can.
Welcome to a new issue of Wealth and Wisdom – and have a great week!
Home prices are soaring
April’s 14.6% jump was the biggest in more than 30 years – pricing many lower-income buyers out of the market. (Reading time: 3 minutes)
A financial action plan for summer
Dates to remember and things to do to improve your finances over the summer months. (Reading time: 2 minutes)
Saving beyond the limits
If your 401(k) plan allows for after-tax contributions, you might be able to squirrel away nearly double the normal contribution limit. (Reading time: 4 minutes)
529 plans have other uses
In addition to paying for college, these tax-advantaged savings plans can also be an effective way to transfer wealth. (Reading time: 4 minutes)
Did you get ‘the letter’ from your LTC insurer?
Many long-term care insurance companies are telling policyholders to choose between much higher premiums and much lower benefits. (Reading time: 5 minutes)
A calendar to guide you through retirement
Use this guide to create a tool to keep you on track – and on schedule – once you retire. (Reading time: 6 minutes)
An argument against taking Social Security early
Don’t assume that all the fun and expenses will come in the first few years of your retirement . (Reading time: 5 minutes)
Tax laws penalize widows, widowers
Losing a spouse can mean less income – but higher taxes and Medicare premiums. (Reading time: 8 minutes)
Getting off the treadmill
For some people, the pursuit of happiness means spending more and more for less and less. (Reading time: 5 minutes)
Mike’s Pro Tip of the Week
Here’s a clever way to save money for retirement – or any other financial goal – if you get paid every two weeks as opposed to twice a month. In two months of every year, you’re actually getting a third paycheck. If you can structure your monthly spending around two paychecks, you should be able to bank the two extra ones each year. Use them to build up an emergency reserve, fund a Roth IRA, or pay down debts.
Words to the Wise
“Over the years, I’ve become more convinced that fluctuations in investor attitudes toward risk contribute more to major market movements than anything else.
I don’t expect this to ever change.”
– Howard Marks
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