Michael Hendrickson Financial Advisor at Tompkins Financial Advisors

Interest rates are going to move lower, according to Fed Chair Powell. At its September meeting, 64% of investors anticipate the Fed will cut short-term rates by 0.25 percent. The others see a 0.5% cut. The current Fed Fund target rate is 5.25% to 5.5%. In the table, you can see that speculators no longer consider that range a possibility.

The IRS has released final regulations on Required Minimum Distributions (RMDs) for inherited IRAs.
Key points:
🔑 10-year RMD Rule clarified
🔑 Annual distributions are required in most cases
🔑 Special rules for "eligible beneficiaries"
🔑 Effective from 2025, with transitional relief through 2024
🔑 Remember: Skipping an RMD can result in a penalty of up to 25%

Confused about how this affects your inherited IRA? You're not alone; these rules are complex. If you have any questions about how this may affect your financial strategy, let's talk.



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IRS Finalizes Guidance On Treatment Of Inherited IRAs The IRS has issued final regulations focused on required minimum distribution (RMD) rules for inherited IRAs.

The Great Bambino's jersey from the famous "Called Shot" game is hitting the auction block on August 23rd. 👀

This isn't just any piece of memorabilia: it's the jersey Babe Ruth wore during Game 3 of the 1932 World Series! 🧢

Experts predict it could fetch up to $30 million, potentially becoming the most valuable sports collectible ever. Last sold for $975,000 over 20 years ago, this jersey's value has certainly knocked it out of the park!

Whether you're a die-hard baseball fan or an avid investor, this auction is one to watch. It reminds us that passion and history can create extraordinary value.


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A legendary piece of baseball history from Babe Ruth is set to hit the auction block soon — and it could fetch millions A historic Babe Ruth jersey, worn during his legendary "Called Shot" in the 1932 World Series, is expected to become one of the most expensive pieces of sports memorabilia ever as it heads to auction.

July brought good news: inflation dropped to 2.9%, its lowest since March 2021! This marks the 5th straight month of slowing price increases.

While consumer prices are still up from last year, the pace is slowing. Food and energy saw modest rises of 2.2% and 1.1% respectively. But don't forget, overall prices remain about 20% higher than three years ago.

These trends could influence the Fed's decisions on interest rates, potentially impacting various aspects of the economy. It's a great time to review how these changes might affect your long-term financial strategies.


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Inflation cooled in July, reaching lowest level since March 2021 Price increases have slowed significantly, but remain above the Fed's target.

Interest rates for 30-year fixed mortgages have hit their lowest level in over a year, sparking a 35% jump in refinancing applications in just one week.

🏠 Refinancing activity is up 118% compared to last year
🏠 Purchase applications rose 3% but remain 8% lower than in 2023
🏠 The average 30-year fixed rate is now at 6.54%

This shift in the mortgage market could present opportunities for homeowners and potential buyers. It's a great time to review your current mortgage situation and consider your options.

Remember, every financial decision should align with your long-term goals and personal circumstances.


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Mortgage refinancing surges 35% in one week, as interest rates hit lowest level in over a year Applications to refinance a home loan surged 35% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

🔑 Unlock the power to shape your legacy! 🔑

As August is What Will Be Your Legacy Month, let's remember that we have the ability to shape our own legacies. The choices we make, the actions we take—they all contribute to the story we leave behind. Dream big, pursue your passions, and live a life that inspires others to do the same. 💫

The Fed's holding steady on interest rates, but markets are getting antsy!

Some economists think the Fed should start easing up, and the markets are pricing in rate cuts as early as September. However, the Fed wants "greater confidence" that inflation is heading back to 2% before cutting rates.

Remember, a changing rate environment can impact various aspects of your financial picture. It's always wise to stay informed and consider how economic shifts might align with your long-term goals.

What are your thoughts on the Fed's approach? Let's discuss! 💬


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Markets are clamoring for the Fed to start cutting soon: 'What is it they're looking for?' Markets are pricing in an aggressive path for interest rate cuts starting in September.

When I meet with people, one of the first topics we discuss is "emergency fund" money.

Fortunately, households appear to be committed to saving for a rainy day. As you can see here, checking accounts and currency held by households is just a tick over $4 trillion, a steady increase from less than $1 trillion in 2019.

🥇 Olympic glory comes with a price tag! Did you know some countries offer huge bonuses for gold medals?

🔹 Hong Kong leads with a whopping $768,000 for gold
🔹 The U.S. provides $37,500 for top podium spots
🔹 15 nations confirmed to pay over $100,000 for gold

These economic incentives offer a fascinating glimpse into how nations value athletic achievement. They show how different countries value athletic achievement and invest in their sports programs. 🏅

What do you think about these Olympic bonuses? Fair motivation or too much pressure?


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These Countries Pay Olympians Six-Figure Bonuses For Winning Gold The United States offers less than $40,000 to athletes who make it to the podium at the Summer Games, but one Asian delegation will provide nearly $800,000 for Olympic glory.

Come join us tomorrow at the Tompkins Birdsboro branch ( 350 W Main St, Birdsboro, PA 19508) where we are partnering with Humane Pennsylvania for a mobile adoption event! We will have 2 puppies and 4 kittens at the event that will be offered for adoption at reduced rates!



Come see and play with them and maybe take one home! We will also have small snacks and beverages available as well as raffle prizes.



The Humane Pennsylvania group is an awesome organization and a great partner for Tompkins that does more than just animal rescue. They offer affordable vet medical services, low-cost vaccines, and provide dog food for those who are struggling to feed their pets.



Come on out tomorrow 8/16 to support a great community partner!

💡 Your legacy: a beacon of light in a changing world! 💡

During this special month, let's remember that our legacy isn't just about our achievements—it's about the values we hold dear and the positive change we create. Share your wisdom, uplift others, and be the guiding light that illuminates the path for future generations. ✨

🌟 Age is just a number! Forbes' 50 Over 50 list proves success has no expiration date. 💼

Here are a few of the exceptional women who've made the list:
🧑‍🌾 Miriam Rivera: From migrant farmer's daughter to VC powerhouse
🤖 Peggy Johnson: Leading robotics innovation at 62
🏀 Dawn Staley: Basketball legend turned championship-winning coach

These inspirational stories showcase how experience and wisdom can fuel incredible achievements. It's never too late to pursue your dreams or pivot to a new career!

What's your take on age and success? Share your thoughts! 💭


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Forbes 50 Over 50: Meet The Women Winning Life’s Second Half For these entrepreneurs, educators, athletes and dreamers, age has no limits.

Market volatility is part of the investing process. More than 7 times a year investors should expect pullbacks of 3 percent and, at least once a year (since 1928), investors should be prepared for a 10 percent correction. When viewed from a historical perspective, recent market activity isn't as abnormal as one might think.

UBS's 2024 global wealth report reveals eye-opening trends:
Did you know 1 in 15 Americans has a net worth of $1 million+?

Global wealth bounced back 4.2% in 2023, with projections suggesting continued growth in millionaire numbers through 2028.

These statistics offer a fascinating glimpse into wealth distribution and potential economic shifts. Remember, everyone's financial journey is unique.

👉 Schedule a review of your long-term financial strategy today. Let's ensure you're positioned to navigate these evolving economic trends!


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One out of every 15 Americans is a millionaire, UBS says The U.S. has 22 million people worth at least $1 million, according to UBS, about the same as Western Europe and China combined.

The Oracle of Omaha's latest move: Berkshire Hathaway now holds $234.6 billion in T-bills, surpassing even the Federal Reserve's $195.3 billion!

Buffett sold $75 billion in equities last quarter, and this selling spree has lasted for 7 quarters. At current rates, Berkshire could earn $10 billion annually from T-bills.

Is the 93-year-old investor signaling caution? What do you think this means for the markets? 🤔


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Warren Buffett now owns more T-bills than the Federal Reserve The Omaha, Nebraska-based conglomerate held $234.6 billion in short-term investments in Treasury bills by the end of the second quarter.

Managing taxes effectively can be complex, especially for businesses with diverse revenue sources.

Insights:
- Diversified revenue streams can complicate tax management.
- Businesses with multiple revenue sources may face challenges in tax planning.
- Effective tax strategies are essential for optimizing financial performance.

(Managing taxes for businesses with diverse revenue streams requires a comprehensive approach that considers each income source and associated tax implications.)

My thoughts: Understanding the intricacies of tax management is crucial for businesses to navigate complex financial landscapes successfully. By developing tailored tax strategies, businesses can minimize tax liabilities and enhance overall profitability.

Engaging question: How do you approach tax management in your business to ensure optimal financial outcomes?

Tax Planning For Businesses With Diverse Revenue Streams Managing taxes effectively can be particularly challenging for businesses with multiple revenue streams. Whether your business generates…

Do you know what Millennial investors prefer?

🌍 Leave footprints that inspire generations! 🌍

August is What Will Be Your Legacy Month, reminding us that every action we take matters. Each word of encouragement, each act of kindness, can ripple through time and touch countless lives. Let's make our legacy one of love, compassion, and empowerment! 💚

🌟 August is the month to ponder our legacy! 🌟

Reflect on your past and your future goals to consider what you will be leaving behind for future generations. As we reflect on our lives, let's remember that our legacy isn't just about money or possessions—it's about the impact we make on the lives of others. Take a moment today to think about the positive mark you want to leave on this world. 💫

The rapid rise of artificial intelligence (AI) during the past year has put a spotlight on the fast-paced decision making in the US tech industry. At the same time, it has cast some concerns that Europe–and other parts of the world–are lagging behind in AI innovation and adoption.

🚨 Postage Alert: Stamp prices jumped to 73¢ on July 14.
But wait, there's more to this story than meets the eye…

This is the 6th increase in just 3 years, outpacing inflation. Businesses, not individuals, may feel the biggest pinch.

It's a small change that hints at larger economic shifts. Keep an eye on these trends; they're part of the bigger financial picture!



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Postage is going up again. You should care, even if you don’t send mail | CNN Business On Sunday, the cost of a stamp is going up for the second time this year, jumping 5 cents for first class postage to 73 cents. You probably didn’t notice.