With an autumn season full of nice weather here in St. Louis, it’s hard to believe Thanksgiving is just two weeks away.
Here are 3 things I’m reading heading into the holiday season. I hope you find these articles helpful as we approach the end of the year with reflection and appreciation.
“Inflation” has been the talk of financial news for months. It’s also been on the minds of any of us who have been to the grocery store or filled up our gas tank in 2022.
Federal Reserve Chairman Jerome Powell is also well-aware – warning in August that the central bank’s actions to tame inflation will bring “some pain to households and business.”
Luckily, if you’re counting on Social Security payments as a major part of your retirement plan, 2023 will see the largest increase in benefits in more than four decades.
When it comes to investing, I believe in taking a long-term view. Research has shown that trying to time the financial markets or zig and zag with the world’s short-term, random volatility is a futile exercise for both an investor and financial advisor alike.
One long-term trend you can expect to see more of in 2023 and beyond is the idea of reshoring or de-globalization. The pandemic related supply chain shortages – and now the disruptions in Ukraine – have highlighted across the globe the growing importance of self-sufficiency in domestic manufacturing activities.
This reshoring of major industrial capabilities will be a long-term trend to keep our eye on when making your portfolio’s core investment and asset allocation decisions.
I’m not usually one to rush out of Fall and into Winter – nor do I ever play Christmas music before Thanksgiving – but I do recommend putting your year-end planning hat on early as the important December 31st planning deadline approaches.
This article offers some helpful financial planning reminders for this time of year that could save you money come tax time in the Spring.
Wishing you a great start to the holiday season and a Happy Thanksgiving!
Craig Toberman is a Partner at Toberman Becker Wealth – a fee-only, fiduciary financial advisor based in St. Louis. He assists families and businesses with strategic financial planning and long-term wealth management. He has over a decade of experience in financial services and has crafted custom financial plans for hundreds of families and businesses.