In this episode of the Planned Solutions podcast, Labor market data has been questioned recently, with the Bureau of Labor Statistics announcing that it is having difficulty obtaining the necessary data and has been forced to make significant revisions to past data. However, there are other data sources that economists and financial analysts can utilize to gain a better understanding of the labor market's health. While these other sources have their flaws as well, the preponderance of the evidence appears to point to a fairly healthy and stable labor market in the US.
Financial planning can be a very long journey as it often takes many years, or even decades, of consistent saving, investment, and debt payments to reach long-term financial goals. This can make progress appear slow at times and become disheartening when it feels like the finish line is still so far away. For this reason, it is important to track progress to see the cumulative success over time and celebrate small wins along the way.
The IRS recently issued new guidance that suspends the implementation of a new rule until 2027. The rule in question will require higher-income savers who are eligible for the catch-up contributions for those age 50 and over to make their catch-up contributions to the Roth plan. So, the delay of implementation will give savers one more year of potential tax deferral on their catch-up contributions and will give businesses more time to make sure their 401 (k) plan is ready for these changes.
Plus, a look at the Planned Solutions Incorporated Office Bulletin Board -
Planned Solutions recently did a two-day workshop with consultant Lori Frasier. The first day of the workshop was focused on helping team members understand each other’s personality types and preferred communication methods.
Planned Solutions sponsored the Future Foundation of Sacramento Charity Golf Tournament recently.
To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast), please e-mail Katie@PlannedSolutions.com
Chase Armer's book- Financial Planning Insights is now available at: https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279 Planned Solutions, Inc.ADDRESS: 1130 Iron Point Road, Suite 170 Folsom, CA 95630 PHONE: (916) 361-0100 or (800) 750-2111E-MAIL: Shannon@PlannedSolutions.com FAX: (916) 361-0191WEBSITE:www.PlannedSolutions.com