I’m looking at the Spokane weather forecast and seeing 80-degree weather! It’s truly feeling like summer. I’ll be soaking up every Pickleball session at Holmberg park before Judah is born (due date May 10th).
Let's dive into a two-minute look at the economy, an interesting story, and a financial planning secret.
📊 Economy – Jobs & GDP update
Despite political and tariff worries, the job market remains strong in April. The Bureau of Labor Statistics reported 177,000 new jobs, beating the 138,000 forecast, though slightly down from 185,000 in March. Meanwhile, real GDP fell 0.3% in Q1, but analysts predict it was heavily driven by businesses stockpiling imports ahead of April’s tariff announcement. On the bright side, core GDP (Final Sales to Private Domestic Purchasers) rose 3.0%, a sign of underlying strength. We will see if we see greater signs of weakness going into the summer.
🌍 Interesting Stories – Ukraine Deal + Wrexham’s Rise
Ukraine and the U.S. signed a rare earth minerals deal, giving the U.S. access to key resources and creating a joint investment fund—another signal of long-term support for Ukraine.
Meanwhile, Actor Ryan Reynolds and Rob McElhenney’s soccer club, Wrexham, secured their third promotion, now just one tier below the Premier League. They bought the club in 2021 for $2.5M, growing it to $133M, while documenting their journey on their show Welcome to Wrexham.
💡Financial Planning Secret – Avoiding Taxes with a CGA
Charitable Gift Annuities are gaining traction as a simple but powerful giving strategy since the SECURE Act 2.0 for those over age 70.5. Each spouse can use a once-in-a-lifetime $54k QCD (tax-free distribution from IRA) to fund a CGA. This is usually a win-win tool for those who want to give, avoid taxes, and receive income. CGA donors work directly with the charity to receive a fixed income for life and support the nonprofit. Check out our article on avoiding RMD taxes to learn more about QCDs and save on RMD taxes.
About the Author
Noah Schwab CFP® is a financial advisor in Spokane, Washington, specializing in helping retirees with 401k Roth conversion strategies.
- Fiduciary. No commission, no insurance products
- Offering investment management and financial planning
