Wealth and Wisdom: Week of September 6, 2021
I’ve certainly missed you for the last few weeks – and I appreciate your patience while my family and I enjoyed some treasured time together at the beach. But summer unofficially ended with Labor day, and it’s time to get back to work!
We have built up a stockpile of great ideas to share with you in the weeks and months ahead. But a lot happened while I was away, and this week’s Wealth and Wisdom is dominated by current events.
I hope you had a great summer and are looking forward to the better times that lie ahead. Have a great week – and a great autumn!
Bad news for Social Security
A new report says Social Security will run out of money one year sooner than expected. Here’s how that might affect your benefits. (Reading time: 3 minutes)
Inflation is getting serious
This in-depth analysis of current trends makes a compelling case that inflation might be with us for a while. (Reading time: 4 minutes)
The Fed’s latest response
Federal Reserve policymakers may start ‘pumping the brakes’ soon. Here’s what that could mean to you. (Reading time: 4 minutes)
What happened to starter homes?
The dream of owning a home is dimming for more and more middle-income Americans. (Reading time: 3 minutes)
The hidden cost of 401(k) plans
A new government report says nearly 40% of Americans don’t understand the fees they’re paying on their retirement savings. (Reading time: 4 minutes)
Are IRAs a better option?
Here are the pros and cons of workplace accounts versus IRAs – including the Roth versions of each. (Reading time: 8 minutes)
Roth IRA conversions and Medicare
Converting traditional IRA money to a Roth could substantially increase what you pay for Medicare. Here are the limits to keep in mind. (Reading time: 7 minutes)
A catalog of financial resources for veterans
Veterans and their families are eligible for a host of medical and caregiving benefits worth exploring. (Reading time: 5 minutes)
When your flight is overbooked
Here’s what you’re entitled to if you get bumped off a flight – and how to work a better deal. (Reading time: 3 minutes)
Mike’s Pro Tip of the Week
Every year, set aside at least one percent of your home’s value in a separate account to pay for unexpected repairs and maintenance. If the money isn’t needed, you can use it for future improvements that will increase what your home is worth.
Words to the Wise
“At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds: ‘Yes, but I have something he will never have… enough.’”
– John Bogle
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