Top Story
High medical costs are putting pressure on retirees
Expensive healthcare treatments can lead to financial difficulties that force some retirees to go back to work.
US stocks finished mixed on Tuesday
• The market appeared in wait-and-see mode ahead of the Federal Reserve’s highly anticipated interest rate decision today. The central bank is expected to cut rates for the first time since the start of the pandemic.
• The Dow Jones Industrial Average and S&P 500 touched fresh record highs during the trading day, but finished more or less flat.
• Retail sales unexpectedly rose in August, suggesting that the U.S. economy may remain resilient in the third quarter.
What to be on the lookout for today
• The Fed’s interest rate decision. We’ll also get building permits and new residential sales for August.
• In earnings, General Mills will report.
What does a financial planner even do, and do you need one? Here’s what you need to know.
The role of a CERTIFIED FINANCIAL PLANNER™ professional is to educate their clients to become more financial savvy. Financial planners can offer information and personalized advice based on an individual's specific financial situation, helping clients lay out goals and strategize how to reach them.
It’s a formal credential of expertise in the areas of:
• Financial planning
• Taxes
• Insurance
• Estate planning
• Retirement planning
Financial planners can charge for their services in many ways and at many different price points. But did you know that SoFi offers complimentary financing planning to members? Learn more here.
Today’s top stories
What if overtime pay wasn’t taxed?The idea has short-term benefits and long-term costs. We get into the details.
Read more >> What is impact investing?Investments can be both profitable and socially responsible, but not all impact investments are created equal. Here’s what to consider.
Read more >>Other news that caught our eye
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Amazon will scrap hybrid work for most corporate workers. Starting next year, staffers must work in-office five days a week, up from three days previously, barring “extenuating circumstances.”
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New Instagram accounts for users under 18 will be private by default amid mounting criticism of social media’s risks to children.
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Sam’s Club raised its minimum wage to $16 per hour, effective November 2. That’s up from $15 before, but still behind competitor Costco’s $19.50 hourly minimum.
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The commercial real estate market could get a boost from the Fed’s expected interest rate cut this week. Recent rate hikes led to the sector’s worst downturn since the Global Financial Crisis.
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Michael Kors said selling luxury items like handbags has become harder in the age of TikTok and influencers during his testimony in the Federal Trade Commission’s antitrust lawsuit against Tapestry’s pending acquisition of Michael Kors-parent Capri.
Financial planner tip of the day
“Combat the urge to impulse spend by trying to institute a holding period on all purchases. Before hitting the buy button, wait 24-48 hours. After the holding period, come back to the shopping cart and reevaluate if you really need it. In some cases, you might not even remember why you wanted it in the first place.”
Brian Walsh, CFP® at SoFi