Hope you all had a great Fourth! Judah rocked the red, white, and blue last weekend while we soaked up some sun at Long Lake with family and friends.
As a Spokane financial advisor, I like to keep things simple. Here is your quick Friday check-in with three things to know in under two minutes.
📊 Economy – Is the Labor Market Losing Momentum?
June’s job report looked strong at first glance, but digging deeper shows the labor market is slowing down. Most job gains came from government hiring, while private sector growth was very weak, with only 3,000 core jobs added. Wage growth is modest, and the labor force actually shrank, signaling the job market may be softening.
🌍 Interesting Stories – Elon Musk launches new political party on X
Elon Musk announced the creation of the America Party in response to the Big Beautiful Bill. He ran a poll on X asking if he should launch a new party, and nearly two-thirds of over 1.2 million voters responded in favor. Musk says the goal is to win just enough seats in Congress to influence key legislation. Former President Trump criticized the idea, warning that third parties bring disruption and chaos.
💡Financial Planning Secret – Big Tax Break for Anyone Over 65 (Big Beautiful Bill)
We will share a full blog soon on the Big Beautiful Bill, but here is a key early insight. The bill offers an additional $6,000 tax deduction for people over age 65. At the 22 percent tax bracket, this can save about $1,320 in taxes. Currently, this deduction starts phasing out at $75,000 for single filers or $150,000 for joint filers.
If you are nearing retirement and want to talk through how these changes might impact you, I would be glad to help. As a financial advisor in Spokane, I am here to make sure you are making the most of what is available.
To talk with a Spokane financial advisor, schedule a no-cost, no-commitment discovery call today.
About the Author
Noah Schwab CFP® is a financial advisor in Spokane, Washington, helping retirees with $ 1M+ maximize their 401(k) with Roth conversions and tax strategies.
- No commissions or insurance
- Investment management, tax and financial planning
