Market Memo

October 2024 – By Tom Rueger CFP^®

The IRS’s yearly inflation adjustments have been announced. The IRS adjusts tax brackets yearly to avoid “bracket creep,” where people are taxed at a higher rate because they have a nominally higher income, but no greater purchasing power. Essentially, the brackets are indexed to inflation. The standard deduction and the income ranges on the seven income tax brackets will rise roughly 2.7% based on IRS formulas. That is lower than the 5.4% increase for 2024. The 2025 tax year adjustments apply to income tax returns to be filed in early 2026.

Planning Article

October 2024 – By Shelley Lein CFP^®

People downsize their homes and belongings for many reasons. For some, the reason is financial, wanting to ensure their retirement nest egg lasts. For others, they have dreamed of living a certain lifestyle and when their working years end, they are finally free to make the change. Others are forced to downsize because of circumstances.

Market Minute

October 2024 – By Bob Veres

The U.S. dollar is declining in value compared with a basket of international currencies.  The greenback has fallen 5% in the last two months, and now sits at a 13-month low.