Wealth and Wisdom: Week of March 18, 2024

Wealth and Wisdom: Week of March 18, 2024

Like a party guest who’s had a few too many and overstayed his welcome, inflation is stubbornly sticking around. Consumer prices are still climbing – at annualized rates of 3.2% in the latest monthly reading, well above the Fed’s stated target of 2%. That has not stopped speculation that the Fed will cut interest rates later this year, however, and the party continues on Wall Street.

A quick shout-out to all of you who joined us at our “Help Me Retire” seminar on March 9 – our first public gathering in more than four years. We had a full house and a lengthy waiting list, which has prompted us to pencil in three more workshops in 2024 on different retirement-related subjects. Our clients will see these new presentations via private client webinars. We look forward to sharing our insights and strategies with you later this year – and we thank you for your interest.

St. Louis finally scores on a good top-10 list

Of all the places to live in the U.S., St. Louis ranks as one of the most affordable. (Reading time: 3 minutes)

Senior drug costs are falling

Changes to Medicare mean lower prescription drug prices for millions of seniors. Has anyone told them? (Reading time: 6 minutes)

Rising stock prices = earlier retirement

Strong market performance is causing boomers to retire early – but losing them is making the economy less productive. (Reading time: 2 minutes)

60 years of market cycles

If you think best in visual terms – as I do – this one chart will help you put bull and bear markets into proper perspective. (Reading time: 2 minutes)

Retirement hack: Fund your IRA early each year

Time is your biggest ally when it comes to saving for retirement. Here are some simple tips that can help you stop squandering it. (Reading time: 4 minutes)

How life changes mean tax changes

Getting married, having children, moving – can all trigger big changes on your tax form. And it pays to know about them. (Reading time: 3 minutes)

Keeping retirement on track

Use these 6 goals to keep your retirement years financially secure and fulfilling. (Reading time: 3 minutes)

Or consider not retiring at all

If you love what you do, here are 5 good reasons to keep doing it for as long as possible. (Reading time: 5 minutes)

Social Security: It pays to delay

Most Americans take Social Security well before full retirement age. Here’s what it’s costing them. (Reading time: 4 minutes)

No, skipping lattes won’t make you rich

But keeping an eye on your spending could save you hundreds of thousands of dollars and help you retire sooner. (Reading time: 5 minutes)

Words to the Wise

“Frugality, quite simply, is about choosing the things you love enough to spend extravagantly on – and then cutting costs mercilessly on the things you don’t love.”

– Ramit Sethi

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Links are being provided for informational purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

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.

Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors. There is also a risk that these plans may lose money or not perform well enough to cover education costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. The tax implications can vary significantly from state to state.

Unless certain criteria are met, Roth IRA owners must be 59 ½ or older and have held the IRA for five years before tax-free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

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.

These policies have exclusions and/or limitations. Guarantees are based on claims paying ability of the issuing company. Long Term Care Insurance or Asset Based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½ may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. The cost and availability of Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. Please consult with a licensed financial professional when considering your insurance options.

Dividends are not guaranteed and must be authorized by the company’s board of directors.