Weekly Market Review
Michael Acho
Guardian of the Wealth of the Most Productive People on Earth | Creating, Protecting and Distributing Wealth for Clients
Good afternoon,
?Welcome to National Long Term Care Awareness month. Yes, that is a thing. How fun, right? Maybe not so much, but I discuss this topic with all my clients because my dad and all of my grandparents required long term care towards the end of their lives. My grandparent’s care was self-funded, LTC insurance wasn’t really available back then, but my dad had coverage and it worked exactly as it was supposed to. He needed some of it for the facility he was in and then when he eventually passed, there was a death benefit.
?Bragging a little bit about the home team, Lincoln has some really good LTC information/tools/solutions. Call me if this is a concern of yours.
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I found a Morningstar article that included “100 Statistics About Long Term Care.” Which I won’t link to because I’d prefer you don’t fall asleep until after finishing the WMR. I will point out a few important stats about LTC. #mathwins.
1.????? There is about a 70% chance that an adult over 65 will require care at some point.
2.????? Average length of stay is just over3 years.
3.????? LTC is expensive, many thousands of dollars per month.
4.????? It isn’t covered by health insurance or Medicare.
“There are lies, damn lies and statistics.” – Mark Twain.
“60% of the time, it works every time.” – Brian Fantana.
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The IRS has announced new retirement plan contribution limits for 2024. $7,000 for IRAs and $23,000 for 401ks. Plus, catch-up contributions if you’re over 50.
Depending on your employment status, there are different limits for different retirement plans.
Back when I began my career, the IRA contribution limit was a meager $2,000. While the new limits are better, there are ways to contribute more for your retirement goals. Tax deferred annuities, over funded life insurance policies, tax efficient non-retirement accounts and others. Call me for a review of your retirement plan.
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Speaking of next year, 2024 will be an election year.
“Thanks for pointing out the obvious Mike. But since you mentioned it, what should we expect during an election year?”
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Long story short, nothing much different from any other year. See below for a link to an investors’ election year guide. Produced by one of our strategic partners, Capital Group, parent company of American Funds, it’s a quick read. In summary, even during election years, markets continue to be markets. They’re volatile during the race and tend to calm down a bit after the election. It doesn’t make much, or any, difference which team wins. And trying to time your buys or sells is futile. Just like every other year. And then we’ll do the election thing again in 4 more years. You’re welcome.
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领英推荐
Busy comedy tour last weekend.
Saw Chris DiStefano at the Fillmore in Detroit on Friday. Smaller venue, holds less than 2000 and not as ornate as the Fox but still good. He was funny. Talking about being born and raised in NYC, his Latina wife and Latina kids, his Ivy league educated mom and his 3rd grade education dad. Good stuff.? He’s not yet on my comedian A-list, but he’s a solid B.
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Then Saturday night was Howie Mandel at the Colosseum at Caesar’s Windsor. Howie is another who’s been in the business forever. He also does a couple of TV shows and a podcast so he’s a hustler. His show was good. But, and I’m not yet sure how I feel about it, he did a reasonable amount of “crowd work.” Crowd work is when the comedian interacts with the crowd, joking with audience members, asking questions, making fun of people who get up, etc. Some performers do more of that than others and sometimes it can be entertaining. But, when I’m paying $100/ticket for a show, I kind of feel like the headliner should have a prepared act. Just chopping it up with the crowd, while not necessarily easy, seems a bit lazy. That said, Howie was mostly pretty funny. Next up this weekend is Vir Das.
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Friendly reminder that my half hour virtual office hour is coming up this Friday. Hop on at noon and ask me anything.
Michael Acho is inviting you to a scheduled Zoom meeting.
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Join Zoom Meeting
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This week’s chuckle is 4 minutes of Anjelah Johnson with her viral nail salon bit from several years ago. She says that this bit changed her life.
Safe for work.
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LF29 – “Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.” – Marcus Aurelius.
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Have a great week and stay healthy.
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This material is for informational and educational purposes only. Opinions and forward-looking statements expressed are subject to change without notice. It includes links to third party sites not affiliated with Lincoln Financial Advisors. Lincoln Financial Advisors is not responsible for the content and does not guarantee the accuracy of any information or material contained therein. The opinions expressed are those of Michael Acho and not necessarily those of Lincoln Financial Advisors Corp. CRN-6081607-110723
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Michael J. Acho, MBA, CFP? Private Wealth Advisor --------------------------------------------------- Lincoln Financial Advisors/Sagemark Consulting 20505 West 12 Mile Road Southfield, MI? 48076 248-948-5100 direct 248-948-5101 fax 248-933-4339 cell [email protected]
If you do not want to receive future emails, please call me at 248-948-5100, or email me at [email protected] or write me at 20505 West 12 Mile Road, Southfield, MI? 48076. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice.? You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances. Please do not send any trading or transaction instructions through this e-mail. They will not be honored or executed. Should you require immediate assistance, please call the Lincoln Financial Advisors Trade Desk at 1-800-237-3813. Michael J. Acho is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker-dealer (member SIPC), registered investment advisor and an insurance agency. Insurance offered through Lincoln affiliates and other fine companies.
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