IRA tax traps; Student loan repair

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The Independence Day fireworks have passed, but the stock market has become a real treat for investors. The week started off well as big tech companies like Amazon and Apple launched the S&P and Nasdaq. to new heights on wednesday– only so that the next morning the major indices fell to their lowest level in July. Find out what this means for your wallet, as well as the latest news on retirement planning, tax traps and more.

Market maneuvers

The Dow Jones fell 500 points Thursday morning amid growing concerns that rapidly spreading options (and especially the Delta option) could lead to halts again and slow down economic recovery… Robinhood filed an IPO prospectus showing that the founders of fintech can sit on multi-billion dollar fortunes if things go well. For investors tired of valuations, the latest Fed minutes once again clarify the situation. what temporary inflation might look like and potential market impact.

Avoid the double taxation trap

Dive deep into the two most family-friendly provisions of the latest incentive package: Extended Child Tax Credit and Child and Dependent Care Credit. For some parents who opt out of the monthly child tax credit payment may actually be a wise financial decision… And before you make your after-tax contributions to a traditional IRA, read the rules. to avoid the trap of double taxation when withdrawing funds

Great rethinking

If you are already retired and in a taxable brokerage account and a tax deferred IRA, here is a handy calculator to help you determine what to cash out first. As Aged Care Institutions and Home Care Agencies face severe staff shortages, here’s what can be done hire and retain these critical employees as the pandemic weakens. In a stunning article, Senior Fellow Joseph Coughlin states that we are experiencing a “great rethinking” of life choices and behavior, redefining how we view work, retirement, relationships, and everything else.

New drawing: “Delta Blues”. Despite the rapid economic recovery, the pandemic persists.

A source: Statista

Buckeye Benefits

Two lawyers in Ohio sue their governor recover federal unemployment benefits of $ 300 a week strengthening after interim injunctions issued after similar claims were filed in Indiana and Maryland. Although the unemployment rate rose slightly in June, USA also added 850,000 new jobsexceeding analysts’ expectations.

Millennial money mistakes

Congress is considering several new bills that may radically revise credit reporting for private student loan borrowers and other consumers. Last week, the White House shared changes in a notoriously ineffective teacher grant program… In addition, a financial planner offers advice on Three Common Money Mistakes Millennials Make Often

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