Wealth and Wisdom: Week of October 25, 2021
We close up the books on October this week with some renewed concerns about inflation and supply chain disruptions. All in all, the financial markets have held up remarkably well considering these and a list of other challenges.
We’ve got about two months to get our financial act together for 2021 before the calendar flips and we begin afresh in 2022. You might find some ideas for year-end planning in this week’s edition.
And can someone please tell me why the months with the best weather are always the shortest?
Have a great week!
How long is ‘transitory’?
With inflation now running at 5.4%, Americans want to know how long it will last and what they can do about it. (Reading time: 3 minutes)
Supply-chain bottlenecks aren’t helping
Recent surveys show consumers are getting frustrated and pessimistic over not being able to buy what they want. (Reading time: 4 minutes)
Year-end tax strategies
If you’re recently retired and find yourself in a lower tax bracket this year, now’s the time to take advantage of it. (Reading time: 3 minutes)
Better together
New research shows a sharp increase in the number of people living alone – and it could be hurting them financially. (Reading time: 2 minutes)
2022 Social Security COLA: 5.9%
The average benefit will increase by about $92 dollars a month – but so likely will Medicare premiums. (Reading time: 4 minutes)
Avoiding IRMAA
The higher your income in retirement, the more you pay for Medicare. But with some careful planning, you might be able to lessen the hit. (Reading time: 4 minutes)
Retiring on the cheap: a cautionary tale
This couple decided two years ago to try retiring to Florida on less than $30,000 a year. Here’s how it’s working out for them. (Reading time: 6 minutes)
What to do if your identity is stolen
Follow these 10 steps to minimize the damage and protect yourself in the future. (Reading time: 7 minutes)
I think I like this guy
U.S. Education Secretary Miguel Cardona thinks students should be required to take a financial education course – and the earlier, the better. (Reading time: 7 minutes)
Mike’s Pro Tip of the Week
Use these three strategies to negotiate the best deal on your next big purchase:
- Do your homework before leaving home. If you’re trying to buy something with a large profit margin or shorter shelf-life – seasonal items, consumer electronics, perishable foods – sellers typically have more room to haggle.
- Once the seller has quoted you a price, ask: “What flexibility to you have?”
- If your offer is rejected, ask: “Is there a price you would accept?”
Words To The Wise
“In school, you’re taught a lesson and then given a test. In life, you’re given a test that teaches you a lesson.”
Tom Bodett
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