Wealth and Wisdom: Week of July 26, 2021
As we wrap up the month of July, investors are trying to make sense of some conflicting signals. On the positive side, corporate earnings continued to improve in the latest quarter. Not so good: an unexpected jump in jobless claims late last week. And the wild card: how much will the latest COVID-19 surge disrupt economic growth?
I’m hearing a lot about Roth IRAs – especially Roth conversions – in my daily conversations with clients and others lately. It’s a confusing subject, especially in light of some recent changes in the law. I’ve included a couple of links below that should help you make smart decisions.
Stay cool, and have a great week!
COVID-19 forces retirement delays
The economy and financial markets recovered quickly from the pandemic – but 15% of Americans have postponed their retirement because of it. (Reading time: 3 minutes)
Home equity remains untapped
New research shows that retirees are sitting on about $8 trillion in home equity – and most have no intention to supplement their income with it. (Reading time: 3 minutes)
How to build a CD ‘ladder’
With interest rates at historic lows, this strategy could take some of the guesswork out of fixed-income investing. (Reading time: 7 minutes)
Understanding the Roth IRA 5-year rule
Things get a little complex when you inherit a Roth IRA or convert funds from traditional IRAs. Don’t let it trip you up. (Reading time: 5 minutes)
When you inherit an IRA
The rules have changed when it comes to inheriting a traditional or Roth IRA from someone other than your spouse. (Reading time: 4 minutes)
Playing with FIRE
You don’t hear as much about the Financial Independence/Retire Early movement these days – probably for good reason. (Reading time: 5 minutes)
How long to pay off credit card debt?
Plug your numbers into this simple online calculator and see how long it will take to get rid of your credit card debt. (Reading time: 1 minute)
Medicare basics: What you need to know
What it covers, what it doesn’t, what it costs – and how to pay for it. (Reading time: 8 minutes)
Those poor billionaires
Being ultra-wealthy is no guarantee you won’t blow it – as the stories of these 14 billionaires illustrate. (Reading time: 8 minutes)
Mike’s Pro Tip of the Week
Declutter your life – and make money doing it – by using online sites that help you sell your unwanted items. Explore Decluttr and Nextworth for used electronics. For clothing: Mercari, ThredUp, Poshmark, and The RealReal. Before you list an item, research shipping fees, return policies, and how much the site takes from each sale you make. (Source: Kiplinger.com, as reported in BottomLinePersonal, Feb. 15, 2021)
Words to the Wise
“Never look back – unless you are
planning to go that way.
– Henry David Thoreau
Neither Mike Brown Financial Group nor its employees provide tax and legal advice. Please consult your tax and legal advisors regarding your personal circumstances.
Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Mike Brown Financial Group is not a registered broker/dealer and is independent of Raymond James Financial Services.
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