Key Financial Insights from 2024 and Looking Ahead to 2025
As we approach the end of 2024, it’s an opportune time to reflect on the year’s financial developments and consider what 2025 may bring. Key Economic Factors in 2024 Interest Rates: The Federal Reserve lowered rates by 0.5% in September — the first reduction since 2020 — bringing the federal funds rate to a range between 4.75% and 5%. Inflation: The Consumer Price Index receded from 6.4% in January 2023 to 2.9% in July 2024. The unemployment rate rose to 4.2% in August. GDP Growth: Real GDP grew 3.0% in Q2 2024, led by stronger domestic demand. Market Performance: […]
Navigating Healthcare Costs in Retirement
Healthcare costs in retirement can catch even the most financially savvy individuals off guard. According to Fidelity’s 2024 estimate, the average 65-year-old needs about $165,000 in after-tax savings just to cover healthcare expenses in retirement — up nearly 5% from 2023. Factors Driving Healthcare Costs Healthcare inflation consistently outpaces general inflation Longer lifespans mean costs accumulate over more years Advanced treatments carry higher price tags Growing demand from an aging Baby Boomer population Options If You Retire Before 65 You can claim Social Security at 62, but Medicare doesn’t start until 65. The four main options to bridge the […]
Year-End Giving Strategies: Maximizing Your Impact
According to Giving USA, individuals, endowments, foundations, and corporations gave an estimated $557.16 billion to U.S. charities in 2023. The holiday season is a great time to review your giving strategy. Trends in Giving The 2023 Bank of America Study of Philanthropy found that 85% of wealthy households gave to charity in 2022, with average gifts rising 19% above pre-pandemic levels. Those who volunteer are more likely to give financially, and their median gift is nearly four times larger than non-volunteers. Choosing a Charity Research organizations using Charity Navigator, GuideStar, or the BBB Wise Giving Alliance. Look for transparency, […]
A Different Kind of Year-End Review: 10 Steps to Reflect and Recharge
True financial well-being is intrinsically linked to your overall life satisfaction and personal growth. This year, we encourage you to look beyond just the numbers with a personal year-end review. Celebrate Your Wins — Start with a victory lap. Acknowledge your triumphs this year. Chronicle Your Skill Evolution — Reflect on new skills acquired and how to build on them. Relive Your Best Experiences — What moments made your heart race with joy? How can you recreate them? Cultivate Gratitude — Note three things you’re thankful for each day to shift your perspective. Assess Your Health Holistically — Reflect […]
Safeguarding Your Identity: Essential Tips for Financial Security
Nearly 33% of Americans have faced identity theft attempts, with a new case occurring every 22 seconds. In today’s digital age, it’s crucial to understand the risks and take proactive measures. Common Sense Protections Don’t let mail sit uncollected — put it on hold when traveling Review credit card and bank statements regularly for suspicious activity Use strong, unique passwords and a password manager Enable two-factor authentication on financial accounts Monitor your credit reports annually from all three bureaus Avoid accessing sensitive accounts on public Wi-Fi — use a VPN if necessary If You Become a Victim Recovery can […]
Summer, Please Don’t Go!
Why must the days get shorter? And the wind a little cooler? This time of year is rough for so many of us. Especially after a summer like we’ve had. We spent the vast majority outdoors, mostly chasing this little white ball! Our family is pretty competitive so it definitely caused some heated exchanges (mostly me!) but we sure did make some great memories together this summer. Hopefully, you’re enjoying this beautiful weather while it lasts. Take care, Emilee
Is Our TSP/401k Bailing Out the Government…Again?
Many of our clients have called because the news is blaring that the federal government has maxed out its credit again, and seems to be using our Thrift Savings Plan to bail them out again. Treasury Secretary Janet Yellen began “extraordinary measures” including: (1) redeeming existing, and suspending new, investments of the Civil Service Retirement and Disability Fund (CSRDF) and the Postal Service Retiree Health Benefits Fund, and (2) suspending reinvestment of the Government Securities Investment Fund (G Fund) of the TSP. Here is what you need to know: the G Fund money is legally protected. By law, the […]
Family Fridays…Because Life’s Short!
Isn’t it weird that most of us (or maybe it’s just me!) need to experience pain before we change our behavior?
Retirement’s a … Transition!
Hard to believe it’s been a year since Eddy retired as a Federal Agent! For years, I’ve advised spouses to be patient with each other through the retirement transition — especially when one of us is still working every day. To be honest, it’s been more challenging than I’d expected, but also better than I ever could have imagined. He’s still frustrated “lunch” has a very different meaning in the private sector, but his golf score has never been better so don’t feel too sorry for him! This photo was taken at our first “work” conference together and it […]
Thank You for a Wonderful Birthday!
Our client family is the best. Thank you all so much for all the calls, cards and texts to help make my day extra special. My baby started middle school on my 49th birthday and we ended the day at our church’s Back to School Bash for the youth group. Couldn’t have asked for a more perfect day!