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 usher in July, we kick off the theme of "independence". Our content all month long will be highlighting all of the benefits of working with an independent financial services firm like MONECO.
In this issue:
• Social Security COLA Increases (2 min read)
• Banking Stress Test Results (3 min read)
• Teaching Kids How To Be More Independent (3 min read)
BONUS: Fairfield Police Sunset 5k - Presented by MONECO Advisors
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Social Security COLA Increases
As you might have heard, people are talking about a big bump in Social Security benefits next year.
The Senior Citizens League says payments could rise by as much as 8.6 percent in 2023, compared to an increase of 5.9 percent in 2022. That would mean an average benefit of $1,658 for the 70 million Social Security recipients on January 1.
To arrive at the cost-of-living adjustment (COLA), the Social Security Administration looks at third-quarter prices and compares them to a year prior. According to the Bureau of Labor Statistics, living costs are up about 8 percent.
What does this mean for you? Stay tuned as these numbers become more clear in the coming months.
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Banking Stress Test Results
The results of the Federal Reserve's annual bank stress tests came in last week and they showed that the banks were very well capitalized to withstand any prolonged downturn in the economy. These tests were put in place after 2008 to ensure banks balance sheets were stable. The FED simulates hypothetical economic scenarios and how banks would fare if they occurred. As always, if you have any questions, do not hesitate to call.
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Teaching Kids How To Be More Independent
They say it all starts at home with raising independent kids that will hopefully turn into to responsible adults. In today's digital age and many kids wanting things instantly, it has never been more important to teach independence. Here are five steps that you can take at home to ensure your children will eventually (and hopefully successfully), spread their own wings one day.
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Fairfield Police Sunset 5k Presented by MONECO Advisors
The 4th Annual Fairfield Police Sunset 5K is Presented by MONECO Advisors. All proceeds will be donated to the Fairfield Police Union Scholarship Fund & the newly formed Fairfield Police Foundation. You can run (3.1 mile) or walk (1 mile) course. We were able to increase the number of participants to 1000 this year and do expect to sell out, so don't delay, sign up today for Fairfield's most memorable night of the summer! Sponsorship opportunities available via the registration link as well.
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.