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The Week in Review
• September’s new home sales slipped 10.9% month-over-month. The housing market continues to soften as rising mortgage rates push down demand.
• The Conference Board says its Consumer Confidence Index fell in October, as inflation weighs on Americans. The index had been on the rise over the previous two months.
• In the UK, former Treasury Chief Rishi Sunak is set to become the nation’s next prime minister. This helped stabilize the nation’s bond market, which has been in turmoil since outgoing PM Liz Truss announced a series of planned tax cuts.
For more economic news and how it affects your money, visit the SoFi app.
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This Week’s Top Stories
In response to inflation, the IRS is boosting the maximum allowable contribution to retirement accounts in 2023 by 9.8%—similarly to how tax brackets will be increased.
While the adjusted tax brackets could mean more take-home pay for workers next year, the changed retirement limits also present a savings opportunity. Here’s what you need to know in order to take full advantage.
Read more >>
In August, home prices posted their largest month-over-month decline since December 2011. In fact, some analysts are ready to call this a “buyer’s market.”
The rise of mortgage rates has put a dent in the demand for real estate, and home prices are falling as a result. For both would-be buyers and sellers, the question is, when will rates moderate?
Read more >>
Medicare’s open enrollment period is now underway and lasts through December 7. There are changes on the way that beneficiaries should be aware of.
It’s important to look into whether you are utilizing the most cost-effective plan in order to free up cash for other expenses. We’ve got a comprehensive breakdown of the relevant information.
Read more >>
Deep Dives from SoFi Learn
Paying down debt directly impacts your credit score, but it may not provide the immediate results you might expect.
Numerous factors are used to determine a credit score, and whether it will increase when debt is paid down is more complex than a simple yes or no.
Read more >>
The runup to, and results of, the midterm elections in the U.S. can influence stock prices.
While past performance is not indicative of future results, historically, the stock market has underperformed leading up to midterm elections and bounced back in the year following the elections.
Read more >>
Interest rates for CD accounts and high-yield savings are on the rise, but how do you decide which type of savings account is right for you?
The best option will likely depend on how and when you want to access your money. We’ll review 5 types of savings and the key differences between them.
Read more >>
