It is officially summertime! So grab a refreshing cold beverage and enjoy this week's Roundup!
- US consumer spending up 8.2%, partly erasing record plunge (Associated Press via US News). That's a strong uptick, especially when so much remains shut down.
- IRS eases rules on reversing required retirement savings withdrawals (CNBC). The IRS now says anyone who wants undo an RMD taken this year before the March passage of the CARES Act has until August 31 to put the money back. (For a deeper dive on the details, see New Rollover Rules For Unwanted 2020 RMDs Under IRS Notice 2020-51— Welcome Relief And A Troubling Precedent at Kitces.com.)
- Amending your tax return will get easier soon (Kiplinger). For the first time, taxpayers will be able to file Form 1040X electronically.
- Thrift Savings Plan to add lifecycle fund options (Pensions & Investments). The Thrift Savings Plan for government workers is expanding its lineup of target-date funds.
- Best bank account interest rates – summary for June 23, 2020 (DepositAccounts.com). Most online banks continue to cut their savings account rates.
And from the investing bloggers and pundits...
- Be careful what you wish for (David Bahsen, National Review). There's a "growing belief that low interest rates aren't a temporary necessary evil, but an eternal good. This mentality has dangerous economic and moral consequences."
- Never the same (Morgan Housel, Collaborative Fund Blog). When former Fed chairman Bernanke flooded the market with liquidity in 2008 it looked reckless. But it became the baseline assumption of what the current chairman could do this year.
- Roth 401(k) vs. 401(k): Which is the better option? (Nick Maggiulli, Of Dollars And Data). Maggiulli thinks the traditional 401(k) is better for most people. But there are exceptions.
- Political pollution (Brendan Mullooly, Your Brain on Stocks). How will the outcome of this year's presidential election affect the stock market?
- Why there's so much drama about when to claim Social Security (Mark Hulbert, MarketWatch). The approach you deem best likely depends on how you frame the issue.
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