Welcome to the
MoneyAdvice@Work® Newsletter!
The MoneyAdvice@Work® Newsletter is a quarterly resource that brings
you industry insights, updates on upcoming education events, and an
independent perspective from your Francis Investment Counsel advisors.
Pre-Retirement Checklist
Retirement is an exciting time of change and new beginnings for you and your money. But planning starts well before you are eligible for AARP membership! Join us to explore a comprehensive pre-launch checklist to make sure you are completing all the necessary tasks to be ready for your new beginning: life after work. This webinar will be broadcast live on Thursday, October 27, 2022 at 12:00pm (CT) and 4:30pm (CT). Register today!
Catch-Up on the
Capital Markets
We all know that investing can be a wild ride. It’s difficult to keep track of everything that’s going on in the marketplace. Here’s your chance to catch up. Click here to review this quarter’s market headlines.
With bear market upon us, here's how to use the stock market downturn to your advantage
As we find ourselves in yet another bear market, now is the time to take action to use the market decline to our advantage. Read the full article here.
I read that due to high inflation, the Social Security COLA adjustment for 2023 might be as high as 10%. If that is accurate, might it be to my advantage to start drawing social security before the end of this year to take advantage of that significant increase?
No, it would not be to your advantage to draw Social Security earlier in late 2022 rather than in early 2023 as you are currently planning.
According to the Social Security Administration, COLA (Cost of Living Adjustment) increases are added to your benefit beginning in the year you reach 62. Benefits are adjusted annually to reflect the increase, and you will benefit from COLA increases “even if you don’t get benefits until your full retirement age or even age 70.” Since you are older than 62, you will benefit from the COLA increase regardless of when you apply for benefits. See more here.
Because your benefit amount increases with every month you delay, starting in late December 2022 rather than February 2023 will actually reduce your Social Security Benefit for life.
As always, the Social Security Administration is available at (800) 772-1213. You may call them and ask what your benefit would be based on the timing of your benefit election.
Have a question you’d like us to answer? Submit it here.
IN CASE YOU MISSED IT…
We get it – we know you’re busy. That’s why we created the Monthly Minute. These short articles bring you practical money tips that you can read fast. Here’s your chance to re-cap the past quarter’s Monthly Minutes.
April
Show ’em Love: Update Your Beneficiaries
Naming (and updating!) your beneficiaries is an important step to ensure that your money goes where you want it to when you’re gone. Click here for everything you need to know about beneficiaries and how to access your account so you can check this task off your to-do list.
May
A U.S. government-backed investment that earns nearly 10%
First the bad news: Inflation is on the rise, in a big way. But inflation does bring some good news: Government I-Series bonds are now paying more, thanks to their inflation adjustment. Click here to learn more.
June
Taming inflation through savvy shopping
If you are feeling increasingly pinched due to rising costs, check out these ten inflation-taming tips.
What is MoneyAdvice@Work®?
You work hard for your employer – and your employer is committed to you! That’s why they sponsor MoneyAdvice@Work®. This employee benefit ensures that you and your family receive the money help that you need, all from a conflict-free, sales free advisor – Francis Investment Counsel. They’re here to help you with personalized money advice. Click here to schedule a remote session.
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