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NEW YORK, NEW YORK – MARCH 09: Stock trader Peter Tuchman works on the floor of the New York floor … [+]
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The Independence Day fireworks may have passed, but the stock market has put quite a show to investors. The week started on a bang as big tech stocks like Amazon and Apple took the S&P and Nasdaq to new heights on Wednesday – only to have major indices plummet to their lowest levels in July the next morning. Find out what this means for your wallet and find the latest information on retirement planning, tax traps, and more.
Market maneuvers
The Dow fell 500 points Thursday morning amid heightened concerns that fast-spreading variants (and the Delta variant in particular) could again force shutdowns and slow the economic recovery. Robinhood has filed its IPO prospectus, revealing that the fintech founders could be sitting on billions of dollars in assets if things go well. For valuation-weary investors, the Fed’s latest minutes shed further light on what temporary inflation could look like and what impact it will have on the market.
Avoid the double tax trap
Immerse yourself in the two most family-friendly regulations of the last economic stimulus package: the extended child allowance and the child and care allowance. For some parents, opting out of the monthly child discount can be a wise financial decision. And before making after-tax contributions to a traditional IRA, you should familiarize yourself with the rules to avoid the double tax trap on withdrawals.
The great reframing
If you’re already retired and on a taxable brokerage account and tax-deferred IRA, here’s a handy calculator to help you determine what to cash in first. With retirement home and home care facilities facing severe staff shortages, here are some steps you can take to recruit and retain these critical staff as the pandemic wears off. In a great article, executive officer Joseph Coughlin argues that we are going through a “major realignment” of life choices and behaviors, redefining our view of work, retirement, relationships, and everything else.
Novel graphic: Delta Blues – Despite the strong economic recovery, the pandemic continues.
statista
Source: statesman
Buckeye perks
Two Ohio attorneys are suing their governor to restore the $ 300-a-week unemployment benefit increase after injunctions were issued after similar lawsuits were filed in Indiana and Maryland. Although the unemployment rate rose slightly in June, 850,000 new jobs were also created in the US, exceeding analysts’ expectations.
Millennial money mistakes
Congress is considering some new bills that could dramatically revise credit reports for private student loan borrowers and other consumers. Last week the White House announced changes to a notoriously poorly managed scholarship program for teachers. Also, a financial planner offers advice on three common money mistakes that millennials often make.
source https://collegeeducationnewsllc.com/ira-tax-traps-student-loan-credit-repair/
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