Wealth Management

You may have read that the Social Security trust fund is due to be depleted in 2033, a year earlier than previous projections. This sounds alarming, except for several caveats.

In the first article in this series, we discussed several things you might want to give some special attention to as we close the books on 2021: focusing on core holdings; taking another look at your saving and spending; and paying attention to your mutual fund distributions.

As 2021 slides toward its close, it’s probably a good time for most investors to do a few year-end “tuneups” on portfolios, financial and estate plans, and charitable or philanthropic strategies.

It seems safe to assume that for most of us, not being in debt is a good thing. After all, debt, though it can be a useful tool at times, limits our options about how to employ our financial resources. Especially with consumer debt like credit cards, payments on the debt must be made every month until the balance is satisfied.

Readers of a certain age may remember the song about the boll weevil, recorded by blues and folk artist Leadbelly in the 1930s and made famous by Brook Benton in the early 1960s. Boll weevils feed on cotton buds, and a widespread infestation in the American South led to economic devastation in the 1920s and 1930s.

What it is and why it matters

Elite wealth planning often plays a key role in the lives of today’s highly successful individuals and families—as well as those who are on the path toward great financial success.

Many reading this may remember how, only a few months ago, the financial news seemed to be constantly reporting new, all-time highs in the financial markets. In fact, the constant barrage of record-breaking finishes on the Dow, the S&P 500, and other major indexes reached a point where it hardly got anyone’s attention.