Wealth and Wisdom: Week of July 10, 2023

Dire predictions to the contrary, the first half of 2023 was pretty impressive financially.

Recession forecasts are being pushed back – in fact, the U.S. economy seems to be growing faster than first thought. Inflation is still running about double what the Federal Reserve wants it to be – but at 4% it’s a third less than where the year began and half as high as a year ago.

Stock prices have been strong as well in the first six months of 2023. The Dow Industrial average is up 3.8% through June 30, the S&P 500 has gained 15.9% year-to-date, and the Nasdaq Composite posted a 31.7% gain – the best start to a year since 1983.

America’s #1 financial worry

More than half of Americans say financial worries are impacting their mental health – and not having money for emergencies is the biggest reason. (Reading time: 4 minutes)

What determines when we retire?

Surprising new research says how much money we have is not the number-one factor in deciding when to stop working. (Reading time: 4 minutes)

How your home could save your retirement

As a last line of defense, the equity in your home could prove a valuable asset if money is tight after you retire. (Reading time: 3 minutes)

Calculating your RMD under the new law

Use this simple online calculator to figure out this year’s required minimum distribution from your retirement accounts. (Reading time: 1 minute)

Smart strategies for charitable giving

Here are three ways to give to a worthy cause – and possibly lighten your tax burden in the process. (Reading time: 4 minutes)

Timely senior discounts

Getting older can be a major money-saver – and here are some great places to look. (Reading time: 6 minutes)

Inheriting a Roth IRA

Chances are you won’t owe taxes when you inherit a Roth IRA – but that doesn’t means you can hold onto it forever. (Reading time: 4 minutes)

How to beat ‘lifestyle creep’

The key to getting ahead when you get a raise depends on how much of it you choose to save. (Reading time: 7 minutes)

Teaching children about money

Here are some essential financial lessons to teach your kids depending on their ages. (Reading time: 4 minutes)

Old school spending lessons

How past generations managed to save money without apps, hacks, and 401(k) matches. (Reading time: 2 minutes)

Words to the Wise

“Saving is a fine thing – especially when your parents have done it for you.”

-Winston Churchill

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