Top news articles for financial advisors and personal finance
Week of 5/9
Each week, we are giving you Sora’s weekly report highlighting the top insights and relevant articles for financial advisors and personal finance. This week's recap focuses on the stock market downturn and the effects of inflation, social security spousal benefits, and reducing fees for clients.
A Brief History of Economic Crises, Crashes and Recoveries (Ben Mattlin, ThinkAdvisor)
Recessions are nothing new. We can take the learnings from previous recessions to help us gain insight into what we're seeing in the market today. Read more for an overview and key takeaways from previous recessions and recommendations on what advice advisors should be giving their clients.
American Household Debt Continues to March Higher, Driven by One Major Factor, New York Fed Says (Emma Ockerman, MarketWatch)
Total household debt in the US rose by $266 billion in Q1 of 2022, reaching $15.84 trillion. Read more to learn about which factors caused this increase in household debt and conversely which types of debt decreased.
2023 Social Security COLA Could be Biggest in 40 Years (Mary Beth Franklin, Investment News)
Social Security benefits are projected to increase by 8.6% in 2023, the largest increase since 1982. However, despite similar increases in 2022, many found that after increases in premiums and income-related adjustment amounts, their benefits increased by less than $25 per month or even declined this year. Read more to learn what this means for retirees.
How Social Security Spousal Benefits Really Work: A Case Study (Marcia Mantell, Mantell Retirement Consulting Inc.)
Those born after Jan 1, 1954 cannot take the restricted application strategy for their social security that allows a spouse to split their benefits and choose to take their spousal benefit first. Despite not being able to use this strategy, advisors can still help their clients maximize their social security benefit package. Read more to ensure that your client’s retirement income is as large as it can be.
How Can Your Client Reduce Fees they Pay (Bryce Sanders, Financial Advisor Magazine)
While advisors manage their clients investments, there is also an opportunity for them to manage their clients fees. Read on to learn about 10 areas where your clients could be overpaying in various fees, and how you can help them save money.
