Wealth and Wisdom: Week of January 17, 2022

We might be a day late this week due to the holiday – but let’s strive to make sure you’re not a dollar behind…

Fed Chair Jerome Powell – at his confirmation hearing before Congress last week – put his cards on the table, promising to hike interest rates this year to combat rising inflation. The Fed believes inflation now poses a bigger threat to the economy than the pandemic.

The next day, the Labor Department reported inflation is now running at a 7% annualized rate as measured by the Consumer Price Index.

Have a great week – and prepare yourself for higher prices and interest rates. 

Tax info for 2022

The IRS will begin accepting returns next Monday – and you’ll have an extra three days to file this year.  (Reading time: 3 minutes) 

Roth IRA overview

Potentially tax-free compounding and no required minimum distributions if certain criteria are met – just to name a few.  (Reading time: 4 minutes) 

The last free lunch in investing?

If you pay close attention, the market can tell you what you may be able to do with your portfolio – and when.  (Reading time: 5 minutes) 

Paying for college

This dad went looking for a way to afford college for his children – and found some valuable help through an online government calculator.  (Reading time: 4 minutes) 

Saving and investing for college

A quick review of the options parents and grandparents have when it comes to putting money away for education.  (Reading time: 3 minutes) 

Doubts about Social Security

Three-quarters of Americans believe the system could be out of money before they retire. Are their fears founded?  (Reading time: 3 minutes) 

Withdrawing money in retirement

This article gives you a nice overview of eight retirement distribution strategies to consider when it’s time to withdraw from your retirement accounts.  (Reading time: 7 minutes) 

Retiring to another state

From weather to housing to family – there’s a lot more than money to consider if you move to another state in retirement.  (Reading time: 5 minutes) 

Five core ideas worth accepting

Are you making reasonable assumptions when it comes to managing your finances?  (Reading time: 4 minutes)

Mike’s Pro Tip of the Week

At the risk of sounding like your dad, it’s time to check your tires – because the last thing you want to do is change a flat squatting in cold winter slush. And if you need new tires, here are 8 great tips for saving money on them. I’m serious about this – don’t make me call your mother. 

Words to the Wise

“If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed.”

– Edmund Burke

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The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Mike Brown Financial Group and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected.  Expressions of opinion are as of this date and are subject to change without notice. Past performance does not guarantee future results. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted.