Top Story
Could gas get a lot cheaper starting 2030?
The International Energy Agency expects oil supply to outpace demand within the decade. Does this mean prices at the pump are about to fall?
US stocks finished mixed on Friday
• The S&P 500 broke its four-day streak of record closes, but the Nasdaq Composite notched a new high for the fifth consecutive day.
• Consumer sentiment fell for the third straight month in June, hitting its lowest level since November, according to the University of Michigan.
What to be on the lookout for today
• The New York Empire State Manufacturing Index.
How much cash is in your investment accounts?
Do you know?
If you have an individual retirement account (IRA) already, you know that it’s a way to save for retirement and reap some tax benefits.
There are many types of IRAs, but the traditional and Roth are the most common. Contributions to a traditional IRA are made with pre-tax dollars and can be tax deductible while withdrawals are taxed as income. For 2024, the limit on annual contributions to an IRA is $7,000 if you’re 50 or younger.
But what happens once you’ve made your annual contribution?
Taking the next step
An IRA allows you to invest your money to potentially help you reach your personal financial goals. Taking the first step to investing can be intimidating, but don’t forget that you have really already taken the first step by contributing to your IRA in the first place.
If you don’t invest the money in your IRA, you may face little market risk, but you also don’t take advantage of the opportunities that may help you potentially grow your wealth over time.
What investment may be right for you may depend on your financial goals, investment horizon, other assets in your portfolio, and your risk appetite.
Today’s top stories
Making sense of the Fed and the housing marketThe Fed didn’t cut rates last week. But does the housing market need lower rates to stay hot? We make sense of that relationship, and talk about what’s ahead on Wall Street.
Read more >> Ransomware could get worseAI promises to make a lot of things better or easier, but ransomware attacks could actually get worse. Here’s how you protect yourself.
Read more >> New to investing? Don’t worryThe world of investing is vast, and there are many places to put your money. A lot depends on you, your situation, and what you’re trying to achieve. Let’s walk through it step by step.
Read more >>Other news that caught our eye
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The Pentagon awarded a combined $5.6 billion in contracts to aerospace companies Blue Origin, SpaceX, and Boeing and Lockheed Martin’s joint venture United Launch Alliance.
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Jeep-parent Stellantis is getting rid of chrome on its vehicles, due to a known carcinogen released during the plating process.
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Former President Donald Trump said he wants to cut the corporate tax rate from 21% to 20% in a meeting with prominent business leaders.
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Apple faces a proposed class action lawsuit alleging the company paid 12,000 women workers less than men in comparable roles across several divisions.
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The Supreme Court ruled in favor of Starbucks over a federal unions rights agency that had ordered the company to reinstate seven workers who were fired for filming a TV story about unionization inside a Memphis store after hours.
Financial planner tip of the day
"Traditional IRAs can help you lower your tax bill and are great for individuals who earn too much money to contribute directly to a Roth IRA. Higher-income earners might not get to deduct contributions from their taxes now, but they can take advantage of tax-deferred growth between now and retirement. An IRA can also be used for consolidating and rolling over 401(k) accounts from previous jobs."
Brian Walsh, CFP® at SoFi