Will your Social Security payment eventually be cut? Unfortunately, as things stand currently, the answer is yes. In this week’s Weekly Market Review you can read a one paragraph summation of 2022 Social Security Trustees Report released last week. You might find the summation easier to read that the full report which is 275 pages!
Economist have a difficult job trying to forecast the future. As highlighted in the WMR, former Fed Chairman and current Treasury Secretary, Janet Yellen, admits that her prediction of the danger of inflation was very wrong. Inflation is not just a USA problem. Europe is experiencing record inflation as detailed by Notable Number 4 in the WMR.
So what does all this mean for your personal finances? To me, it underscores the need to live financially within your means, insure yourself against uncontrollable catastrophic risk, have a solid emergency account saved and make long-term investments in assets that have outpaced inflation such as equities or real estate. Doing these things in this order will, in time, put you in a very solid financial position.
Want a positive boost? Google or follow Ben Nemtin. His outlook on living a happy life, mental health, and checking those items off your bucket list has inspired thousands and it might inspire you too!
As always, we hope you find the Weekly Market Review both informative and interesting. Have a great week!
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Trevor N. Coe, CFP®
TREVOR'S WEEKLY MARKET REVIEW
June 08, 2022|