Here's the Money Roundup for a mid-summer day! We hope you'll find these articles to be informative and helpful.
Polar opposites (Michael Batnick, The Irrelevant Investor). Trend change: The 2023 market bears little resemblance to 2022.
Decline [continues] for Leading Economic Index (Liz Ann Sonders, Twitter). "Going back to 1960, [the] index has never seen this magnitude of decline without already being in recession."
High-earning retirement savers are losing some of their 401(k) tax break (Wall Street Journal). Starting next year (maybe?), "catch-up contributions" will be allowed only for after-tax Roth retirement accounts.
How to optimize taxes when you tap your retirement accounts (Antwone Harris, Kipinger). "Strategic timing" is crucial.
Homeowners don't want to sell, so the market for brand-new homes is booming (Wall Street Journal). An article likely to be of interest to SMI's Sector Rotation investors.
The federal deficit nearly tripled, raising concern about the country's finances (NPR). "We're running off the rails at an alarming rate."
The post-Covid spending spree's stealthy economic stimulus (Mickey D. Levy, Wall Street Journal). An op-ed pointing out that the White House and the Fed appear to be working at cross-purposes.
The Federal Reserve announces that its new system for instant payments, the FedNow® Service, is now live (Fed news release). "Banks and credit unions can...instantly transfer money for their customers, any time of the day, on any day of the year." (Related: Frequently asked questions about FedNow)
Facing big storm losses, insurers aim to boost rates (Wall Street Journal). Coming soon to an insurance premium near you.
Why grandparents should set up 529 college savings plans (MarketWatch). Starting with '24-'25 school year, grandparent contributions won't be included as an asset on the federal student aid form. That could boost a student's financial-aid package.
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