In the
Media

Former President Donald Trump is once again leading the Republican charge to reclaim the White House. As the campaign rhetoric intensifies, one group keeping a particularly close eye on the developments is the upper class. A Trump victory could potentially mean a wave of policy shifts that could profoundly impact their finances.

The 2024 election is getting closer, and a lot of Americans are wondering how the outcome could affect big life decisions, like buying or selling a home.  If Biden wins again, what can homebuyers and sellers expect for real estate over the next few years? The outcome could have a big impact on your finances and the decisions you choose to make around buying, selling or staying put in your current home.

Federal Reserve officials announced the Fed does not plan to cut interest rates on Wednesday, leaving rates at a 23-year high. While inflation eased last month, a statement from the Fed says inflation “remains elevated” and that officials are “strongly committed to returning inflation to its two percent objective.” This means rates for car loans, credit cards and mortgages will stay relatively the same for the time being.

The weather continues to warm and days are getting longer as summer approaches. And, while the season is generally time for fun, this summer, it’s important to think about your financial stability. 

June is officially in full swing. With the start of summer just weeks away, the weather outside is becoming more inviting for many. But, June isn’t just a good time to enjoy the outdoors with your children or go on a nice hike through the woods. It’s also a good time to think about your savings and moves you can make to build upon the money you’ve set aside, particularly in today’s unique climate marked by stubborn inflation and elevated interest rates.

One in four Americans have no retirement savings. Austin Kilgore, a consumer finance expert with the Achieve Center for Consumer Insights, a digital personal finance think tank, said our grocery cart is one place where we can bridge the money gap. Food expenses take up an average of $6,490, or 12.4% of annual expenses for many retirees. 

For those hoping to become wealthy, a job with a high salary would seem to be a big step in the right direction. However, high income alone doesn’t guarantee a high net worth, and a growing number of high earners say they don’t see themselves as wealthy. Advisors call this group HENRYs: “High Earners, Not Rich Yet.”

The future of Social Security remains a looming question for millions of Americans who count on those benefits in retirement. If President Joe Biden wins a second term, his administration will face mounting pressure to make changes for the future of the Social Security program. Substantial reforms may be necessary to ensure the program remains available for generations to come.

When financial advisors seek ways to manage risk in retirement investing, they typically look to bonds, which are traditionally seen as the optimal asset for offsetting the volatility in stock markets. By orchestrating a healthy mix of stocks and bonds in retirement accounts, advisors create a higher level of stability.

Ask most financial advisors about the standard approach to retirement investing and they will tell you about the 60/40 strategy. A diversified portfolio comprised of 60 percent stocks and 40 percent bonds has been the go-to choice for retirement investing for decades. The bond portion of the portfolio is meant to provide a low-risk component that balances out the volatility that stocks bring to the equation.