The Weekly Wealth of Knowledge is your download of this week's most important topics related to financial planning, the markets, and our community. As we enter August, we welcome in Money month at MONECO Advisors, where we will be highlighting everything related to it, including savings strategies, budgeting, cash flow, debt management and more!
In this issue:
- Proposed changes to "catch-up" contributions into your 401(k) could boost savings (3 min read)
- Unemployment continues to shrink as the labor market expands (5 min read)
- What is your money personality type? (5 min read)
If you enjoy our Weekly Wealth of Knowledge, don't forget to check out our content on Facebook, Linkedin, and Twitter! This week, we have our own Dana Preis, introducing our latest content and events.
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Proposed Changes to the 401(k) Catch-Up Contribution: Who Would Benefit?
So-called "catch-up" contributions — amounts permitted above the usual contribution limits — would be expanded for workers in their 60s,
under legislation pending in Congress. While the details differ between the Senate and House versions — including the overall tax treatment of catch- up amounts — the push is part of a broader bipartisan effort to address insufficient retirement savings in U.S. households.
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Unemployment continues to shrink as the labor market expands
The number of Americans filing new claims for unemployment benefits declined further last week, while layoffs dropped to their lowest level in just over 21 years in July as companies held on to workers amid a labor shortage.
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What is your money personality type?
Our experience with clients has taught us that we each have our own beliefs and emotions about money, and they are mostly shaped by our individual life experiences (e.g., passed down from our parents or influenced by our current situations). As part of "money month" at the firm we want to highlight some of these "money personalities" and how your phycology could be impacting your financial life as well.
Click here to read the full article
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