Saturday,
July 15, 2023
Top Story
The week in review
• US Treasury Secretary Janet Yellen met with Chinese Premier Li Qiang in Beijing to discuss the US-China economic and financial relationship. Yellen defended American actions to protect its national security and emphasized the importance of not allowing disagreements to worsen their bilateral relationship.
• For‌ May, CPI saw a promising decline from 4.9% to 4% and Wall Street is expecting a similar drop to 3.1% for June. While the Federal Reserve has made it clear more rate hikes are to come, a cooler-than-expected figure could motivate the committee to revisit its future hiking path, stoking some optimism among investors.
• The consumer price index increased by 3% compared to the previous year, the lowest level since March 2021, and below expectations of 3.1%. On a monthly basis, the index rose by 0.2%, which was also lower than expected. Core CPI, which excludes volatile food and energy prices, rose by 4.8% annually and 0.2% monthly compared to the 5% and 0.3% estimates.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Do you know where your employee benefits are? Checking in on retirement funds.
We’re halfway through 2023 already. Midyear is a great time to check on your employee benefits and make needed adjustments. First, assess your retirement account:
Assess your 401(k) contributions. Kick in at least enough to get your “free money” (aka the company match). Here are three common scenarios that could merit midyear changes:
• Got a raise? Consider increasing your retirement contribution by the same percentage.
• What about a bonus? If a piece went to your 401(k), you may actually need to scale back contributions for the second half of the year, or you’ll max out too early. Remember that you’re better off contributing a little from every paycheck — rather than frontloading — to optimize the company match.
• Is this your only investment account? Consider contributing the max amount you can. Here's a guide to mazing out your 401(k).
Roll over old 401(k)s. If you’ve got a 401(k) from an old job, you could roll it over into an IRA. Typically, investment options increase and fees are reduced. That can improve portfolio returns.
Ready to make the most of your investments? All-in-one investing starts here with SoFi Invest.
