Quarterly Connection

Health, Wealth & Happiness

2022 - October

Wealth & Wellness

When I started my business, I made a commitment to direct my education, expertise and resources to my clients to help them navigate their financial lives with an emphasis not only on building wealth but also on improving their quality of life today while in pursuit of their long-term goals. While research shows a positive relationship between income and life satisfaction, it’s not necessarily true that more wealth will bring with it a higher quality of life. Financial stability can help reduce life stressors; however, our past experiences and financial circumstances shape our beliefs and attitudes; also known as our financial mindset. 

Financial mindset varies on a spectrum of the carefree broke to the worried wealthy, and neither are healthy. Certainly, financial stability matters, but our financial attitudes and beliefs dictate our well-being.

Whenever we're faced with uncertainty, our ability to navigate times are stressed depending on our perception and our coping mechanisms. In fact, our ability to handle financial uncertainty and bounce back from difficulty hinges more on our financial mindset than our financial income or wealth.

Given the current challenges we are facing, including political division, rising interest rates, higher inflation, looming recession and depressed asset levels, it's fair to say this is one of the most difficult times we've faced in a long time. Everyone has stories in their mind about their own financial circumstances, and abilities to handle these uncertainties. While economic 

and market uncertainty can be emotionally unnerving, it's important to keep everything in context, assess what it means and avoid behavioral tendencies to overreact. 

What can I do to improve your mindset and demonstrate just how resilient you are?

By educating you, sharing another view or perspective, or offering you a few tips, I hope to improve your outlook. Whether we meet to discuss and maximize your cash flow, assess your risk management plan, or review your investment strategy, we will increase your financial confidence in your ability to manage your resources well and make high quality decisions. This helps to position you to handle inevitable setbacks and serves to improve your financial health, wealth and well-being.  

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Social Security Expected COLA Increase for 2023

Social Security benefits are tweaked to keep up with inflation. While inflation in 2021 increased Social Security benefits by 5.9% this year, the bump for 2023 should be even higher. The Social Security Administration will disclose the 2023 cost-of-living adjustment in mid-October.

Predictions have fluctuated greatly: In June, benefits were estimated to increase as much as 10.8% to account for inflation. Inflation has cooled over the past few months, but financial analysts are still predicting a Social Security increase of 8.7% or more -- the highest since 1981, when the COLA was 11.2%. 

A 9% COLA would boost the average Social Security retirement benefit by about $150 a month in 2023, or $1,800 per year on average.