A busy end of 2024

Can you believe it’s already October?! Three quarters of the year are behind us – one quarter to go! And what a quarter it will be.

Interest rate policy will be a major point of interest in the coming months. The Federal Reserve just reduced rates by 0.50%, and they will be closely watching employment numbers as they usually give a pretty good prediction for the economy. If we see increased unemployment, rising costs, costs not falling as quickly as hoped, or some combination of all (plus some other factors), look for the Fed to reduce interest rates. 

There is also a major event in November – Tuesday, Nov. 5 to be exact – where U.S. citizens will express their opinions on who should lead our country. I learned a long time ago not to get political. My professional opinion is that we should closely evaluate policies, stances, and voting history in order to choose the best, or least worst, candidate. The markets could move dramatically either way in response to the election results, and these predicted responses could be affected by unique or rare occurrences in the market, economic, geopolitical, and national safety areas. Our stock markets are near all-time highs at the moment, which means that our markets have endured and overcome terrorist attacks, election debacles, wars, recessions, etc.

On a localized basis, we are dealing with the effects of seasonal weather threats in the Forgotten Coast area. We are fortunate to live or stay in such a beautiful area, but it’s not without its dangers or inconveniences. California has earthquakes that come without warning. Hawaii has volcanoes. At least, most of the time, we can see the weather coming. The forecasts, although not always accurate, give us time to prepare to protect our lives and our belongings. This is a great time to review insurance coverages, estate planning documents (what they say and where they are located and stored), and the junk we accumulate that someone is going to have to go through at some point.

Wendy and I recently purchased our burial plots. It’s pretty rare for people to do that in their mid-50s, but it sure saves time, headache, cost, and uncertainty for those grieving your loss. I want to be productive and healthy for many years to come, but it’s usually a good idea to make plans when you have the time, clear mind, and resources to make the best decisions you can based upon the facts you have at that time.

If you are charitably minded and are over 73, consider giving to the charities directly from your retirement accounts. This process is generally more tax-friendly than giving from your checking account. 

Don’t forget to enjoy the time you have with family and friends, explore what faith means to you, and help your fellow community members if and when possible. In the markets and in life, you get out of it something commensurate with what you put into it.

Gulf County resident Walter L. Woodrick is a certified financial planner practitioner, and the author of two books. His website is WoodrickFinancial.com, his phone is 1-855-WOODRICK, and his text number is 850.724.1369. Securities and advisory services are offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. The opinions voiced in this article are for general information only and not intended to provide specific advice or recommendations for any individual. #634907-1