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One word defines this year: “inflation.” Reaching levels not seen in 40 years, inflation in the US has been tenacious, peaking at 9.1% in June and budging only slightly in the face of government policies aiming to reduce it further. Its impact has been inescapable. As we wrap up 2022, there is widespread concern about what the inflation levels of this year mean for the next. But what is inflation exactly, and what does it tell us?
End-of-life planning is not at the top of our to do list, especially when we are healthy. Unfortunately, death is inevitable. As Kilroy Oldster said, “death is the great equalizer of human beings.” We all experience death, it’s unavoidable.
For many of us, it is an uncomfortable and even taboo subject matter to approach. Here is where a financial advisor can play a significant role in helping you plan for that moment, ease your anxiety, and help your loved one act on your wishes efficiently and accurately.
In the current digital age, the use of technology continues to infiltrate most aspects of everyday life, from online shopping to dating, making people more vulnerable to internet fraud. Additionally, a large portion of the American work force has recently transitioned to working from home, further increasing the likelihood of falling victim to an internet scam. Even though senior citizens continue to be the most vulnerable group according to a 2020 FBI report, younger generations are also being impacted at higher rates than ever before. According to The Federal Trade Commission’s 2021 data, more than $5.8 billion was lost to fraud, a 70% increase compared to 2020. As technology continuously advances, online fraudsters are constantly developing new and more sophisticated cons. According to some experts, we may be on the verge of a “scampocolapyse”, as online cons are growing at an unprecedented rate. In this environment, it is imperative for internet users to be aware of the high potential of fraud and how to protect themselves against scams. The five internet scams described below have been listed as some of the common scams in 2022.
While Congress is currently considering adding benefits and prescription drug cost controls to Medicare, current Medicare participants may have noticed some other Medicare changes that quietly took place this year.
Most notably? An increase in premiums, deductibles, and other out-of-pocket costs.
After being suspended by the pandemic for the past two years, the travel industry is booming, and the trend looks to continue into early Fall. Eager travelers are understandably excited to take those long-awaited vacations. However, the pandemic has created chaos in the travel industry- increased cancellations and delays due to labor shortages, surging airfares, and record-breaking gas prices. According to the US Bureau of Labor Statistics, air fares are up 33%, fuel prices have increased by 44% and meals are 9% higher compared to a year ago. Needless to say, if you are planning to travel in Summer or Fall of 2022, prepare for it to be expensive. Fortunately, there are plenty of travel-saving tips if you are willing to be flexible and are prepared in advance.
