Did Putin Agree to a Ceasefire? | Stewardship Concepts Financial Advisors

Happy Friday! It’s official: I played pickleball outside! It’s making me very excited about this summer.

Office announcement: Our team will work remotely from March 24th to 28th while our office gets new paint and carpet. We will still communicate through email and phone, but you won’t be able to stop by the office for a chocolate fix. Let's dive into a two-minute look at the economy, an interesting story, and a financial planning secret.

Economy – Worry and Volatility

The unknowns with tariffs and declining consumer savings add uncertainty to businesses and consumers. Hopefully, this is temporary, and we will see the benefits soon. Discount stores like Dollar General are seeing more higher-income shoppers. Spending on apparel is down 12% year-over-year. Airlines are lowering sales forecasts due to economic and heightened plane crash fears. The good news is that February inflation came in slightly cooler at 2.8%, and we still have a strong labor market. For portfolios, bonds have added value against stock volatility, and we like how our equities have performed. We expect more stock volatility this year as Trump gets through this “transitionary” time inside a broadly overvalued stock market.

Interesting Story – Did Putin Agree to a Ceasefire?

Depending on the headline you read this week, Putin did or didn’t accept the US-backed and Ukraine-approved ceasefire deal. While Putin expressed support for a ceasefire, he also indicated that certain issues still need to be addressed, suggesting he is not ready to agree to an immediate halt in fighting. Russian officials argue that the proposal, which includes a 30-day pause in military activity, prisoner exchanges, and the release of civilian detainees, would primarily benefit Ukraine by giving it time to regroup.

Financial Planning Secret– What is IRMAA

As Spokane financial advisors, we must be aware of IRMAA when doing tax planning for clients 65 and older. IRMAA (Income-Related Monthly Adjustment Amount) is an extra charge added to Medicare Part B and Part D premiums for higher-income people. It is based on Modified Adjusted Gross Income (MAGI) from your tax return two years prior. On top of your lowest premiums, if your income exceeds certain thresholds, you pay an additional monthly cost of $0-$416 per person. IRMAA is assessed annually. If your income drops due to life events (retirement, death of a spouse, marriage, divorce), you can request a reconsideration from Social Security with an IRMAA appeal (SSA-44 form). As financial advisors, we must consider IRMAA while considering Roth conversions, QCDs, capital gains, Social Security benefits, and withdrawal strategies.

To talk with a Spokane financial advisor, schedule a no-cost, no-commitment discovery call today.