Wealth and Wisdom Week of December 26 2022

Our last opportunity to chat in 2022. I hope it’s been a better year for you than the last couple – even if we are dealing with a new set of financial challenges. But inflation, rising interest rates, and slumping stock prices won’t be with us forever. History reminds us that good follows bad. All we have to do is be ready for it.

With that thought in mind, there’s some late-breaking news you should definitely pay attention to. As I write this, Congress is scheduled to vote on an omnibus spending bill that includes the long-awaited “SECURE Act 2.0” legislation. I’m including a breakdown of its key provisions in the first link below:

SECURE Act 2.0

This legislation, if it becomes law, would dramatically change the way Americans save and invest for retirement. (Reading time: 8 minutes)

‘The Golden Rule of Personal Finance’

The keys to building wealth always seem to come back to this simple rule. Will you follow it in 2023? (Reading time: 4 minutes)

This one might surprise you

Which would help you more: earning an extra 1% more on your investments, or saving an additional 1% of your income? (Reading time: 4 minutes)

Your first budget

Here’s a 6-step guide for putting together your first spending plan – which will help you find money for investing and other financial goals. (Reading time: 8 minutes)

If you really want to get serious…

…try “extreme couponing.” We have clients who do this – and it works. (Reading time: 8 minutes)

Insurance you might not need

Resolve to review your insurance policies in 2023. You could be paying for coverage you simply don’t need. (Reading time: 5 minutes)

HSAs as you approach retirement

Health savings accounts can be a great way to pay for healthcare expenses in retirement – but the rules change as you approach age 65. (Reading time: 3 minutes)

Taking RMDs in a market downturn

If taking your required minimum distribution when the market is down bothers you – consider these 7 strategies. (Reading time: 2 minutes)

Claiming Social Security early

Conventional wisdom is to wait as long as you can before filing for Social Security benefits – but that’s not always the best advice. (Reading time: 2 minutes)

Hidden treasures?

If you inherit artwork – any artwork – think twice before putting out that yard sale sign. (Reading time: 8 minutes)

Words to the Wise

"If you want to be wealthy, live below your means.”
Paul Merriman

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