Retirement Watch Weekly
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Bob’s Journal for 11/2
Number of Millionaires in the United States Increases The average net worth of American families exceeded $1 million for the first time in 2022, according to the Federal Reserve’s Survey of Consumer Finances, conducted every three years. The 2022 level is 42% higher than the $749,000 average net worth recorded before the pandemic in 2019. […]
Investors Realize the Fed Changed the Playbook
Investors finally are realizing the Federal Reserve changed its playbook. That’s why market interest rates rose in recent months even as Fed officials indicated the end of the tightening cycle was approaching. When the hedge fund Long-Term Capital Management (LTCM) failed 25 years ago, it roiled the financial markets and Fed officials worried the effects […]
Capture the New Tax Breaks on Home Improvements
The Inflation Reduction Act of 2022 provides substantial tax breaks for homeowners who navigate the rules. Most of the breaks start late in 2023 or in early 2024 and last through 2032. The tax breaks are designed to en- courage people to make their homes more energy efficient and reduce use of fossil fuels. Most […]
Beware of the Tax Traps Sprung On Those Who Move in Retirement
The migration from high-tax states to lower-tax states accelerated during the pandemic and continues today. The high-tax states never took the population shift lightly, but now they take it very seriously. A number of high-tax states have aggressive pro- grams in which they identify people who moved out of their borders and seek to continue […]
7 Facts to Know About IRA Conversions
More than 70% of Ameri- cans are worried that higher taxes will be imposed on future distributions from traditional IRAs and 401(k)s, according to Allianz Life’s 2023 Quarterly Market Perceptions Study for the third quarter of 2023. That’s one reason a high percentage of participants in the same survey said they’re making effectively managing the […]
How Higher Interest Rates Change Estate Planning Strategies
The benefits of different estate planning strategies change with interest rates. The advantages of different strategies changed significantly over the last couple of years as interest rates jumped higher. When interest rates rise, the pay- offs of some strategies increase while others lose some of their appeal. After a significant change in yields, reconsider strategies […]
A Little Extra Planning Can Avoid ‘Heir Wars’
The legacy of late California Senator Dianne Feinstein was tarnished by a series of law- suits filed before her death. The suits revealed rifts in the family and shortcomings in the estate plans of Feinstein and her late husband. Feinstein’s late husband Richard Blum, a wealthy investor, passed away in February 2022. Both Blum and […]
