Q4|2023 Market Commentary
- With 2023 in the rearview mirror, a quote from Forrest Gump’s mama comes to mind, “Life was like a box of chocolates. You never know what you’re gonna get.” This adage also applies to US economic growth. Most economists believed the US would already be in a recession after a 5% increase in the Federal Funds rate. Now, many market prognosticators have delayed their recession expectations and currently anticipate a mild recession if one even occurs. GDP (Gross Domestic Product) grew 4.9% in the third quarter surpassing the second quarter growth of 2.1%. Current Atlanta Fed GDPNow estimates are 2.2% for the fourth quarter.
- Download full Market Commentary
- Redefining the Retirement Plan is Axia’s guide to trends and strategies that will help employers get the most out of their retirement programs. Defined Benefit plans and Social Security have been the simple answer to retirement for the past century. Life expectancy has improved though and an added strain has been placed on plan sponsors to help their employees replace their incomes in retirement. Fortunately, employers are equipped with more tools than ever before to help their employees retire with dignity.
- Download the White Paper
One tax-efficient way to save for retirement healthcare expenses is through a Health Savings Account (HSA) coupled with a High Deductible Health Plan (HDHP). Even though the HSA savings vehicle was created in 2003, it has generally been misunderstood and is just beginning to gain legitimate acceptance. With the recent interest, many people have questions pertaining to these accounts. Below are some of the more common questions.
The SSA highlights some sobering statistics that confirm what studies have shown: most people have not saved enough for retirement. As a result, people are not determining their Social Security benefit timing. Instead, benefits usually begin immediately after gainful employment ends as their savings buffer is limited. For prepared investors, the goal is to make an active decision on benefit commencement.
On June 9, 2017, the Department of Labor’s Fiduciary Rule went into effect. The rule, also known as the Conflict of Interest Rule, expands the fiduciary definition under the Employee Retirement Income Security Act of 1974 (ERISA). In the simplest terms, the DOL Fiduciary Rule will require advisors to put their client’s interests ahead of their own when giving advice to retirement accounts such as 401(k)s and IRAs. Further, any potential conflict of interest must be disclosed along with a clear statement of the fees and commissions received in exchange for the advice.