Wealth and Wisdom: Week of January 15, 2024
As Mark Twain warned us: “Prediction is difficult – particularly when it involves the future.” I typically avoid making forecasts, especially as they relate to the financial markets, for two reasons: 1) I am liable to be wrong; and 2) forecasts don’t matter much in the first place.
Nonetheless, a lot of our clients want to know what we think 2024 will bring, and we find ourselves in reasonable agreement with our Raymond James strategists, who believe:
- A slowdown in consumer spending will trigger a recession this year, but possibly the mildest recession in U.S. history.
- Interest rates have peaked – and the Fed will lower them 3-4 times before the end of the year.
- Corporate earnings will grow at just 2% in 2024 and stocks will be up modestly, led by the technology and healthcare sectors.
- Market volatility will increase as November’s presidential election approaches.
Remember, financial success doesn’t require accurately predicting the future, but planning for it. We hope Wealth and Wisdom helps you do exactly that in the uncertain year that awaits us.
Missouri no longer taxes Social Security benefits
New rules took effect on January 1 that will save Missouri retirees more than $300 million per year. (Reading time: 5 minutes)
Are you planning to retire in 2024?
Here are some other things you’ll want to know about taxes retirees pay. (Reading time: 3 minutes)
The latest on RMDs and Roth IRA conversions
There are pros and cons when it comes to withdrawing IRA money before you have to. (Reading time: 5 minutes)
Retiring on found money
There’s more than $300 million in unclaimed pension money sitting out there somewhere. Could some of it belong to you? (Reading time: 5 minutes)
A simple way to save for retirement
If you’re looking for an easy shortcut to retirement, look someplace else. Here’s how most people are able to make it happen. (Reading time: 4 minutes)
Don’t take advice from Chicken Little
How many times do fear-mongers like Robert Kiyosaki have to get it wrong before we stop paying attention to them? (Reading time: 3 minutes)
The Swiss army knife of college savings plans
You might be surprised what all you can pay for with your 529 plan these days. (Reading time: 3 minutes)
Records to keep, records to shred
My firm has put together a handy reference to help you decide what to do with financial paperwork. (Reading time: 3 minutes)
Resolutions for a prosperous 2024
Our latest webinar can help you set your financial priorities for the year ahead. (Viewing time: 48 minutes)
Richer than a Rockefeller
A quick review of our nation’s economic history should remind us all how good we have it. (Reading time: 8 minutes)
Words to the Wise
“Any man who is a bear on the future of this country will go broke.”
– J.P. Morgan
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Brown Family Wealth Advisors and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Expressions of opinion are as of this date and are subject to change without notice. Past performance does not guarantee future results. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Brown Family Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services.