Echelon Family Office
The Bureau of Labor Statistics says the consumer price index fell 0.1 percent in May, driven by deep discounting on energy, car insurance, clothing and public-transportation prices. The so-called core rate of inflation, which strips out volatile food and energy prices, also fell 0.1 percent But those volatile categories have been rising. Prices for food […]
After its meeting yesterday, the Federal Reserve said it will be years before it raises interest rates again. The Fed now doesn’t expect to lift its benchmark interest rate until 2023. Its Fed funds rate has been in a range of 0-0.25 percent since mid-March, when the economy went into lockdown. Along with the rate […]
The Nasdaq Composite rose 0.29 percent yesterday to finish the day at a new record close of 9,953.75, after briefly breaking above 10,000 earlier in the day. Tech stocks led the way, which is why the Dow Jones was losing ground even as the Nasdaq was setting records. The biggest tech stocks led the rally: […]
The Social Security Administration (SSA) recently announced that the annual cost-of-living adjustment (COLA) for benefits would be 1.3%. Here’s a closer look at some of the most significant changes affecting Social Security recipients in 2021. Social Security checks will increase slightly. For the average retired worker, the monthly Social Security benefit will rise by $20 to $1,543 in […]
Financial Literacy Month suggests it’s time to take advantage of available tools, resources, and tips for financial education that can help increase your financial success. This month put yourself back in the driver’s seat! Do a thorough review of your bills, and you might find hidden fees that are pecking away at your hard-earned nest […]
Don’t overlook the benefits that annuities provide during your retirement planning years. Yes, some myths make them appear to be a lousy choice, but there are reasons to trust in financial insight rather than the Google results on the Internet. Here’s some reasoning behind why financial professionals want you to consider an annuity: Don’t wait […]
The loose definition of a financial professional is someone that provides insight intended to lead to a better outcome for your financial future. The workings of their daily routine include everything from planning to building your portfolio and/or retirement plan. While the basics of running a financial business didn’t change in 2020, it seems that more investors realized […]
If you have a Health Savings Account (HSA) option, the benefits are worth the investment. The tax benefits of an HSA magnify the advantage of investing in, say, stock funds or diversified mutual funds. First, your contribution is tax-deductible. Second, once inside your HSA, your money grows tax-free. Third, when used for eligible healthcare costs, […]
Retirees face multiple income traps, and many retired taxpayers will see a portion of their Social Security income make its way onto the taxable income line of their 1040s. Those who convert their traditional IRAs to Roth IRAs are especially susceptible to this situation. If you happen to exceed the funding limit, the extra income pushes you beyond the income threshold level […]
The Internal Revenue Service announced that the nation’s tax season started on Friday, February 12, 2021, but it’s important to note that the filing deadline wasn’t extended. The February 12 start date for individual tax return filers gave the IRS time to do additional programming and testing of IRS systems following the December 27 tax […]
As if the 2008 recession wasn’t rough enough, hardships struck millennials again in 2020. Already facing professional and financial challenges, including a dismal job market, sky-high levels of student debt, and soaring living costs, the coronavirus pandemic exacerbated the growing “K-shaped” gap within this generation. The result is a disparity in which the millennial-rich and the […]
Imagine if Goldilocks was planning her retirement: “this date is too early” and “this date is too late” but “this date is just right”! Sweet retirement can’t come soon enough for some of us, but it’s important to know precisely when you should retire. When planning for retirement, understand that the amount of your retirement […]