Here's SMI's latest Roundup of interesting articles on investing, taxes, personal finance, and stewardship. Have a great autumn weekend!
Social Security COLA to rise 3.2% in 2024: What to know (Kiplinger). Related: Social Security tax wage base jumps 5.2% for 2024, which means wealthier taxpayers will have more SS tax withheld from their pay.
How am I taxed? (Thomas Kopelman, The Long Game). A helpful summary of how various types of income and investment gains are taxed.
Americans failed to pay a record $688 billion in taxes. The IRS says that will change. (Wall Street Journal). For comparison, the government spends that amount of money about every 40 days.
Federal deficit grew to $2 trillion in FY 2023 (The Tax Foundation). The fiscal year just ended. Here are the (almost) final figures. Related (from The Kobeissi Letter on X): Deficit spending is officially higher than what was seen in 2008, one of the worst recessions in history
Rising interest rates mean deficits finally matter (Wall Street Journal via Fidelity). Investors tended to ignore deficits when inflation was low. Now they are paying attention.
A recession is still likely — and coming soon. Here are 6 reasons why (Bloomberg via Fortune). "When everyone expects a soft landing, brace for impact."
Free weekly credit reports are now permanent, providing an important tool to manage your financial life (Business Insider). It's unlikely you'll need to check a report every week, but you can.
Should you pay off your mortgage before you retire? (U.S. News & World Report via Fidelity). "The people who are most at peace in retirement owe very few people any money."
Master this skill to safeguard your financial future (Melody Stampley, Compass — finances God's way). The Apostle Paul wrote about it in Philippians 4.
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