Wealth and Wisdom: Week of July 11, 2022

I’m starting to pick up some hopeful signals on the inflation front: the price of a broad range of raw materials – copper, lumber, wheat, corn, soybeans, cotton, crude oil – were all down significantly in the March-June quarter.

And a slump in personal computer sales is helping ease the global shortage of semiconductors (the recent crypto-currency crash didn’t hurt semis, either).

Prices are still high, of course, and inflation hasn’t peaked yet. But if you focus only on the negatives and ignore these early signs of better times ahead – you might miss your chance to take advantage of them.

About those Series I savings bonds

I mentioned this investment on KMOX recently, but be warned: the online purchase process is apparently less than user-friendly. (Reading time: 4 minutes)

Who’s really to blame for inflation?

If you want to point at what’s behind the highest inflation rate in 40 years – you’re going to need a lot more fingers. (Reading time: 8 minutes)

Social Security is a powerful inflation-fighter

You can earn higher benefits by waiting to file – and get cost-of-living adjustments once you do. (Reading time: 4 minutes)

Consumers may be well-prepared for recession

We’re sitting on record amounts of cash, home equity is at an all-time high, and current debt levels seem manageable. (Reading time: 4 minutes)

And we’re saving more than usual

The U.S. personal savings rate hit a record high during the pandemic and still sits at a healthy level. (Reading time: 1 minute)

Roll unused 529 money into a Roth IRA?

A bill before Congress would allow parents a new option when their children decide not to attend college. Don’t hold your breath on this one. (Reading time: 2 minutes)

Retirement goal #1: Don’t worry, be happy

Having ample financial resources won’t guarantee it – but it certainly can help. (Reading time: 6 minutes)

13 money-saving travel tips for retirees

Take advantage of the flexibility you have – and think creatively to get the most from your travel budget. (Reading time: 6 minutes)

Living on a fixed income? Why would you do that?

Advice from my latest blog posting: If you want to beat inflation in retirement, skip those free-dinner sales pitches. (Reading time: 3 minutes)

Mike’s Pro Tip of the Week

Did you know that up until a few years ago, pharmacists were often forbidden from advising you on how to choose the least-expensive prescription drug option? But Congress banned “gag order” clauses imposed by pharmacy benefit managers (PBMs), and pharmacists are now allowed to give you guidance at the pickup counter. Note: I said they are allowed to advise you on payment options, not required. You still need to ask if it’s cheaper to pay cash for your prescription or go through your health insurance plan.

Words to the Wise

“Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for.”
Epicurus

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