Wealth and Wisdom: Week of February 28, 2022

Wealth and Wisdom: Week of February 28, 2022

 

Inflation, interest rates, and Ukraine are calling the shots in the financial markets of late, adding to the recent volatility and pushing major indices into correction territory. That’s a big change from the steady markets we saw in 2021.

There are some brighter spots on the horizon, however. Don’t let the headlines distract you from your long-term financial plan – and resist the temptation to react to short-term events. If history is any guide, I think you’ll be glad you did. 

Is inflation about to peak?

This economist believes supply-chain shortages will soon start to ease – and that the worst inflation news may be behind us.  (Reading time: 7 minutes) 

I-bonds as an inflation hedge

Rising inflation is sparking renewed interest in Series I savings bonds. Current yields are enticing – but there are some downsides.  (Reading time: 3 minutes) 

Taxes when you’re self-employed

Filing your taxes when you work for yourself can be complex – which is a good reason to get an early start.  (Reading time: 3 minutes) 

Filing taxes as a college student

Here’s what you need to know – and how to take advantage of special benefits as a college student.  (Reading time: 5 minutes) 

Appealing the IRMAA surcharge

I talked about this on KMOX recently – and several listeners are jumping at the chance to reduce or eliminate Medicare surcharges.  (Reading time: 3 minutes) 

What is the ‘45% rule’ in retirement?

Fidelity says your savings should generate about 45% of your pre-tax annual spending in retirement.  (Reading time: 4 minutes) 

After-tax 401(k) contributions

Another hot topic on the radio the other day: the opportunity to get more money into your 401(k) retirement plan each year.  (Reading time: 3 minutes) 

Can you save too much for retirement?

This 30-year-old St. Louisan once saved 70% of her income – but has now decided to back off some on her aggressive retirement goal.  (Reading time: 4 minutes) 

Digging out of debt

Reducing what you owe can also reduce your cost of living – and the stress that comes along with it.  (Reading time: 3 minutes) 

Mike’s Pro Tip of the Week

With COVID restrictions easing and warmer weather ahead, you might be making travel plans soon. If they involve renting a car, check out these 13 Rental Car Rules before you hit the open road. I must admit I was unfamiliar with most of these. 

Words to the Wise

“Having been in the stock market for more than four decades, I believe the best time to invest for those with a long-term time horizon is when they have the money.”

– Shelby M.C. Davis

 

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