Nicholas Abbott- Financial Advisor

The issues of inflation and recession continue to dominate news headlines, which prompted the Federal Reserve chairman, Jerome Powell, to announce an interest rate increase last week. Given the profound impact of the Fed's every move on our economy, bank accounts, and inflation, we put together some key bullet points below for your review based on the recent Fed announcement.

◾The Federal Reserve raised short-term interest rates by a quarter point.
◾Inflation has remained high despite the return of normal shipping and inventory levels.
◾Reading between the lines, The Fed is forecasting a recession starting later this year.
◾ The Fed is not paying attention to the money supply (i.e. printing money), which has surged
dramatically during COVID.

As investors, we will remain cautious about the future of the markets and economy. We continue to encourage families to keep an emergency reserve bank account and minimize debt as much as possible.

We understand the importance of staying up-to-date with any changes in laws that may impact your finances. That's why we want to bring to your attention some important updates regarding the Secure Act 2.0 that was recently passed by Congress.

This legislation has significant implications for retirement accounts, taxes, and retirement plans. Our goal is to ensure that you have a clear understanding of the new laws and how they may impact you. To that end, we prepared a brief summary of the key changes and a video explanation of additional details. Let us know if you have any questions.

Key Changes:
-RMD age Increased to 73 - 75
-RMD penalties reduced
-Roth contribution changes for employer contributions
-Emergency withdrawal enhancements

SECURE ACT 2 0 UPDATE MFG HD 1080p Services offered through Mission Financial Group, LLC, a Registered Investment Adviser.Registered Representatives offering securities through Cetera Advisors...