Hi there, Amy here, and I’m taking over the blog this week!
Noah is off volunteering at Silver Lake (20 minute drive from Spokane). Wyn is somewhere hiking through the Swiss Alps (check out the photo he texted us below). Kate is deep in college prep mode with her oldest, Simi. As for me, I spent last weekend huckleberry picking and have now officially mastered the huckleberry milkshake. A rite of passage for any true Spokane local.
Let’s dive into a quick two-minute look at the economy, a story that caught my eye, and a financial planning insight I have been sharing with clients lately.
📊 Economy: Inflation is Still Sticky
The next core PCE report, which is the Federal Reserve’s preferred inflation measure, is expected to rise from 0.2 percent to 0.3 percent when it comes out on July 31. That may seem like a small increase, but it is probably enough to keep the Fed from cutting rates for now.
If you are a retiree living on fixed income or drawing from investments, this is a good moment to check your inflation strategy. A quick review with your Spokane financial advisor can help you make sure your plan still makes sense in today’s environment.
🌍 Interesting Story: TSA May Ease Liquid Rules
Good news for travelers. The TSA is considering lifting the long-standing rule that limits liquids in carry-ons to 3.4 ounces. Although nothing is official yet, this could mean shorter lines and fewer hassles at airport security.
If you are flying out of Spokane International Airport anytime soon, especially for a big retirement trip, keep an eye on this change. It could make your travel smoother.
💡 Financial Planning Secret: Smart Ways to Save for Kids or Grandkids
Lately, there has been a lot of talk about baby savings accounts, especially after the Trump newborn savings proposal. That has more families asking how to save intentionally for the next generation.
Here is how my family approaches it, and how I often guide clients as a financial advisor:
529 Plans
These are great for college savings. They grow tax-free when used for qualified education expenses. Under current rules, you can even roll over unused funds into a Roth IRA in some situations.
Brokerage Accounts
We use a joint brokerage account to save for non-college goals like a car or future down payment. There are no tax advantages, but we have complete control over the money and how we use it.
Custodial Accounts (UTMA or UGMA)
These are great for birthday and holiday money. We invest it on behalf of our kids, and the money becomes theirs at age 18 or 21. My six-year-old is already dreaming up ways to grow her savings. It is a great way to introduce investing at a young age.
Each option has a unique purpose. The right mix depends on your goals, tax situation, and how much flexibility or control you want to keep.
If you're unsure where to start, your Spokane financial advisor can help you design a strategy that aligns with your goals and values. Whether you are saving for your children or your grandchildren, the right tools can help you build a meaningful legacy.
Thanks for spending a few minutes with me this week. And if you have not had a huckleberry milkshake yet this summer, add it to your list!
To talk with a Spokane financial advisor, schedule a no-cost, no-commitment discovery call today.
About the Author
Amy Drury 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
