Wealth and Wisdom: Week of April 4, 2022

There’s been major progress in federal legislation on retirement savings – including an extension in the age for required minimum distributions. The bill has passed the House with bipartisan support and is heading to the Senate. There’s a very good chance it could become law soon (see first item below).

It was great being with you on KMOX yesterday. Baseball season is now in full swing, which means we won’t be getting together as often – but you’ll still be getting Wealth and Wisdom in your online mailbox every week. Stay tuned!

SECURE Act 2.0 resurrected

Legislation that would dramatically change the way we save and invest for retirement is advancing through Congress. (Reading time: 11 minutes)

Protect yourself from Ukraine scams

Learn the four ways that shameless scammers are trying to take advantage of your good intentions when it comes to helping war victims in Ukraine. (Reading time: 6 minutes)

Stocks as inflation hedges

Don’t let rising prices scare you away from owning equities if they are a part of your long-term financial plan. There are ways to manage the risk. (Reading time: 3 minutes)

How falling markets challenge retirees

Selling stocks to pay your living expenses in a down market is a poor investment strategy. There’s a better way. (Reading time: 5 minutes)

Another solution: keep working

This noted economist and author believes retiring early could be one of the biggest mistakes you can ever make – for several reasons. (Reading time: 4 minutes)

What is a ‘fiduciary’ and why it matters

In response to a subscriber’s question, here’s a comprehensive explanation of a confusing term that investors are hearing a lot these days. (Reading time: 11 minutes)

How much life insurance do you need?

And when, and for how long, and what it will cost, and where should you get it? (Reading time: 5 minutes)

Why you should name beneficiaries

Designating beneficiaries properly can help you avoid probate – and give you peace of mind from knowing your wealth will go where you want it to. (Reading time: 3 minutes)

10 things not to keep in your wallet

You’ll be surprised to read some of the items many people carry around – and the enormous risk it exposes them to. (Reading time: 8 minutes)

Mike’s Pro Tip of the Week

Impulse-buying has destroyed many a financial plan, and today’s inflationary environment is making it even more expensive. To minimize spending money you’ll regret later, try this trick: for every $100 you plan to spend on an item, promise yourself that you’ll wait one day before you make the purchase. You may find that the urge has passed, and if it hasn’t, you should at least feel less guilty with your decision.

Words to the Wise

“There are two rules for success: 1) Never tell everything you know.”– Roger H. Lincoln

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