• New Paraplanner – We are very excited to announce that we have started working with a new paraplanner this month. We will be adding information about Stephanie and her team to our website soon.

• AFP Summer Hours – We will begin our summer hours on May 27th, which means we will close at 3 pm on Fridays instead of 5 pm. Our summer hours will last through Labor Day (September 2nd). Any calls or emails received after 3 pm on Fridays during this period will be answered the following Monday.

Amanda Strausbaugh, J.D., Assistant Vice President & Trust Officer at Park National Bank.

• AFP May Webinar – “Demystifying Trusts” with Teri Alexander CFP®, MSFP, CeFT®, AIF®, and guest speaker Amanda Strausbaugh, J.D., Assistant Vice President & Trust Officer at Park National Bank on Friday, May 24th at noon. This webinar will be a discussion about Trusts, including information on what a trust is, how they work, and whether or not you should consider creating one.

Amanda has been with Park National since 2022. She spent four years as an estate planning and probate attorney at multiple firms in Columbus before joining Park. She is on the board of two local nonprofits, Central Community House and Mental Health America of Ohio. She is also a member of several Columbus Bar Association committees including; Young Lawyers, Minorities in the Law, Estate Planning Committee, and Probate Committee.

• How do you attend? A webinar link will be sent via email the morning of the webinar to all of our clients. If you know anyone who would like to attend, please pass along the webinar email to them.

• Upcoming Webinar Topics 

• July: Mid-Year Investment Update

• August: Life/Disability Insurance

Click below to read our May 2024 Blog edition.

Aging In Place Statistics And Facts In 2024

We would enjoy receiving your feedback on our Blog. Please share any comments or suggestions for future topics with us via email.

STEM STILL ON TOP – Graduates from the Class of 2024 with the highest average starting salaries ($70K+) are those with degrees in engineering, computer sciences, and math and sciences. Degrees in the most demand for the 2024 class are finance, accounting, and computer science. (source: National Association of Colleges and Employers)

THE RETIREMENT "HAVES" – According to the US Federal Reserve, US households with combined income in the top 10% had a median retirement savings of over $500,000. Workers with income in the bottom 40% had a median retirement savings of $20,000. (source: New York Times)

THE 5% FRONTIER – Combining property, income, sales, and excise taxes, the average combined tax burden for US states is 8.35%. New York, Hawaii, Vermont, Maine, California, and Connecticut all have combined tax burdens of 10% or more, while Alaska is the only state with a combined tax burden of under 5%. (source: WalletHub)

BACK TO NORMAL – The Fed considers the Job Openings and Labor Turnover Survey (JOLTS) report as a labor market tightness indicator. In 2022, the JOLTS report listed the ratio of open jobs to unemployed workers as over 2 to 1. The most recent report showed that the ratio dropped down to 1.3 to 1, much closer to pre-pandemic levels. (source: BLS)

FACTORIES ARE BACK – Construction spending for manufacturing (factories) in the US logged another record in March, coming in at $223.4 billion on a seasonally adjusted annualized basis. Since February 2020, right before COVID hit, construction spending on factories has risen 185%. (source: Census.gov)

Inflation Rate

The annual inflation rate in the US eased to 3.4% in April 2024 from 3.5% in March which was the highest reading since September, in line with market forecasts. Inflation steadied for food (2.2%) and slowed for shelter (5.5% vs 5.7%) while prices continued to decline for new vehicles (-0.4% vs -0.1%) and used cars and trucks (-6.9% vs -2.2%). On the other hand, energy costs rose slightly more (2.6% vs 2.1% in March), with gasoline increasing 1.1% (vs 1.3%) while a decline was seen for utility gas service (-1.9% vs -3.2%) and fuel oil (-0.8% vs -3.7%). Also, cost rose faster for transportation (11.2% vs 10.7%) and apparel (1.3% vs 0.4%). Compared to the previous month, the CPI increased by 0.3%, below 0.4% in each of the previous two months and forecasts of 0.4%. Meanwhile, core inflation slowed to 3.6% annually, the lowest reading since April 2021, down from 3.8% in both March and February. The monthly rate also eased to 0.3% from 0.4%, both in line with forecasts.

Click here to view the source.

Retirement Living: Renting vs. Homeownership

Owning gives you stability, but renting gives you flexibility.

By Jim Probasco

Source: Investopedia

There are good reasons to own a home after retiring, but there are also plenty of arguments for renting. Renting can be less expensive as you skip the burdens of property taxes and maintenance costs. However, owning can be less stressful since you don’t have to worry about a landlord raising your rent.

Whichever route you go, housing costs will be one of your major monthly expenses in retirement. Here are some factors to consider when making a rent-versus-buy decision.

Click here to read this article.

Marriage Takes Work – Especially When Only One Spouse Retires

They can add a lot of value if your clients are planning multicity trips, traveling with a group or looking for a very specific adventure.

By Clare Ansberry

Source: The Wall Street Journal

When one spouse retires but the other doesn’t, roles change and feelings get complicated. 

David Buck, 60, stepped back from a long career in sales management just as his wife, Susan Rose, 58, an ordained minister, leaned in, working 40-plus hours a week.

They’ve had to rethink who does what at home. David now folds more of the laundry and takes on grocery duties. He also has freedom, which Susan sometimes longs for. He talks about going to visit their adult children, who live out of state. Their first grandchild is on the way.

“I do get jealous. I have a couple more years,” Susan says.

Most couples now retire at different times, research suggests.

Only 18% of retired households claimed Social Security at the same time, according to a review of Federal Reserve data conducted by the Center for Retirement Research at Boston College.

Click here to continue reading this article.

“May has decked the world, that we

May bring the brave on land, or sea

Earth's glory on Memorial Day,

The lovely meadow gifts of May.”

- Annette Wynne