Wealth and Wisdom: Week of September 20, 2021

This week’s Wealth and Wisdom is dominated by recent news events – potential tax increases, retirement plan changes, and concerns about inflation – all subjects that deserve your attention in the coming weeks.

But when you have five minutes to step back from the day-to-day and learn a basic, essential lesson about investing, I think you might find Hammers, drills, and screwdrivers to be of interest. I post new essays on the blog every week, and you’ll also find back-issues of this weekly e-letter archived there.

Happy reading – and have a great week!

House Democrats unveil tax plan...

A higher bracket for the wealthiest taxpayers – earning more than $400,000 – beginning next year. (Reading time: 2 minutes)

with BIG changes for retirement savers...

The Democrats’ plan would also limit retirement plan contributions and eliminate Roth IRA conversions above certain income levels. (Reading time: 5 minutes)

…but step-ups in cost basis could stay

President Biden wants to get rid of the step-up in cost basis for inherited assets – but House Democrats say the idea won’t fly. (Reading time: 3 minutes)

Americans are bracing for more inflation

A new survey shows U.S. consumers expect prices to increase by more than 5% next year – and to stay elevated for some time to come. (Reading time: 3 minutes)

The pandemic is reshaping retirement

A recent poll says retirees and near-retirees are saving more, spending less, and working longer as a result of the health crisis. (Reading time: 3 minutes)

Higher HSA contribution limits in 2022

Health savings accounts can be a great way to save more for retirement – and next year you can contribute even more. (Reading time: 3 minutes)

Navigating Medicare

Open enrollment begins in a few weeks. Here are the basics. (Reading time: 4 minutes)

Medicare if you're still working

The rules get a little complicated if you’re still working at age 65 – even if you have health insurance through your employer. (Reading time: 5 minutes)

5 steps to build up your cash reserves

If you’re having trouble making ends meet, the best way to get ahead is to put some distance between you and your bills. (Reading time: 4 minutes)

Mike’s Pro Tip of the Week

The next time you go car-shopping and don’t plan to pay cash, get preapproved for a car loan before you start. Banks are offering their customers attractive financing right now – often better than what’s available through dealers. Plus, having your loan set up in advance can improve your bargaining position once you’ve found a car you like.

Words To The Wise

“he income tax has made liars out of more Americans than golf.”
Will Rogers

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