Wealth and Wisdom: Week of September 4, 2023

Things are starting to change in the jobs market.

For starters, we learn that private employers added 177,000 jobs in August – falling well short of the 200,000 that economists were predicting and a huge drop from the 371,000 jobs created in July. Hiring is slowing down.

It also wasn’t long ago that there were two job openings for every American looking for one. That’s now changing as well. Employers report a drop of 338,000 job openings in July – still better than before the pandemic but the lowest demand for workers in nearly two and a half years.

And finally, remember the “quiet quitting” movement, where people came to believe they were so irreplaceable that they could goof off most of the day and still get paid for it? There’s recent evidence that the trend has reversed into “quiet cutting.” Many large employers are now telling workers that their jobs have been eliminated and they are being reassigned to new positions with less prestige, lower pay, and greater workloads.

Such is the bizarre state of the American workplace this Labor Day 2023.

Important update on catch-up contributions

The IRS is pushing back a rule change that would have required higher-income savers to make 401(k) catch-up contributions on an after-tax basis. (Reading time: 3 minutes)

Are older workers giving up on Social Security?

Three-quarters of people age 50 and older believe Social Security could run out of money during their lifetimes. (Reading time: 5 minutes)

8 myths about retiring early

Early retirement might still be a worthwhile pursuit – but don’t assume all your financial concerns will retire with you. (Reading time: 7 minutes)

Don’t forget spousal IRAs

Non-working individuals are allowed to save just as much in IRAs or Roth IRAs as their working spouses. (Reading time: 4 minutes)

Who needs the Ivy League?

When it comes to running the world, it turns out that going to the “right college” isn’t nearly as important as you might think. (Reading time: 4 minutes)

Investing’s silent hero

Successful investors understand how money can grow when you allow it to do most of the work. (Reading time: 3 minutes)

How to control your emotions

You need more stomach than brains to be a good investor – and the biggest threat to success is looking at you in the mirror. (Reading time: 4 minutes)

Understanding ‘qualified’ dividends

These cash payouts get preferential tax treatment. Here’s where to find them. (Reading time: 5 minutes)

8 interview questions for your next financial advisor

Use this checklist the next time you shop for someone to help you make financial decisions. (Reading time: 7 minutes)

Planning your finances as a single parent

Running a household by yourself poses some unique challenges – and offers a few financial benefits as well. (Reading time: 4 minutes)

Words to the Wise

“The price of education is paid once. The price of ignorance is paid forever.”

– Ted Nicholas

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