Wealth and Wisdom: Week of April 1, 2024

The first quarter of 2024 is officially in the books, so let’s take a quick look at where things stand:

• U.S. equity markets are showing strong gains year-to-date, nearly across the board. For the most part, domestic stocks continue to outpace their global counterparts. By most conventional measures, stocks are beginning to look expensive.
• Bonds have been a losing investment thus far in 2024, but fixed-income investors are still holding out hope that the Fed will cut interest rates several times before the end of the year, which would clearly be a positive.
• The U.S. economy continues on a solid growth path. The labor market is still cranking out new jobs, and few concrete signs remain that a recession looms in 2024. Inflation is well above the Fed’s 2% target.
• Market volatility is near its lowest levels since before the pandemic, but most strategists are expecting a significant increase in turbulence as the November election approaches.
• The St. Louis Cardinals are heading into yet another season with some serious questions about the pitching staff.

Using your tax refund to get ahead

You’ve loaned your money to the IRS interest-free for a year. Now that you’re getting it back, don’t blow the chance to improve your financial life. (Reading time: 5 minutes)

Those annoying surtaxes

Earning a high income can trigger additional taxes and higher Medicare premiums. Here’s how you might soften the blow. (Reading time: 2 minutes)

Some investments are ‘tax machines’

Some investment vehicles – certain types of mutual funds, for instance – can drive up your tax bill unnecessarily. (Reading time: 6 minutes)

Your rights as a taxpayer

The IRS says everyone who files a tax return is entitled to these 10 fundamental rights. (Reading time: 3 minutes)

No way to run a business

Chrysler’s parent company recently scheduled a mandatory work-from-home day for 400 employees. Then, in a virtual meeting – it fired them all. (Reading time: 3 minutes)

In search of financial stability

Here are three simple things you can do to lower your stress level – and put some distance between you and your next financial setback. (Reading time: 3 minutes)

Avoiding 10 big retirement mistakes

These are the mistakes financial professionals see most often among their retired clients. (Reading time: 2 minutes)

Deciding when to claim Social Security

Without knowing the future, it’s impossible to make the perfect decision – but these 7 factors will at least put the odds more in your favor. (Reading time: 3 minutes)

Using your HSA in retirement

Health savings accounts are a powerful planning tool in retirement. This comprehensive guide should tell you much of what you need to know. (Reading time: 10 minutes)

Having fun shouldn’t cost a fortune

Here’s a list of 10 ideas that are fun – and free. (Reading time: 5 minutes)

Words to the Wise

“One reason why birds and horses are not unhappy is because they are not trying to impress other birds and horses.”

– Dale Carnegie

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.