Rise in Financial Literacy Among Young Adults, Adjustable-Rate Mortgages & Eligible Beneficiaries

Welcome to the⁠⁠⁠⁠⁠⁠ @plannedsolutions ⁠⁠⁠⁠⁠⁠Incorporated Podcast. In this episode we discuss A combination of government mandated financial literacy classes and increased access to financial resources online has resulted in a rise in financial literacy among young adults. This has made today’s young adults better prepared to navigate the complex financial world by making well-informed decisions. However, there are still things that parents can do to supplement their kids’ financial education, so they are prepared to excel financially. Also, For homebuyers, the decision to take out a fixed rate mortgage versus an adjustable-rate mortgage can be a big one. Fixed rate mortgages offer more stability and predictability which can make them attractive over long holding periods. Meanwhile, adjustable-rate mortgages typically start at lower rates but may adjust upward or downward in the future and may be more beneficial for shorter holding periods. As well, Now that they IRS has clarified the rules related to Required Minimum Distributions (RMDs)and the 10-year distribution period for IRAs, it is important to understand the exception to this rule. One important exception relates to beneficiaries who are not the decedent’s spouse and are less than 10 years younger than the deceased account owner. This often applies to friends, siblings, or other family members who are beneficiaries of an IRA. Plus a look at the Planned Solutions Incorporated Office Bulletin Board - When it comes to protecting our identity and finances many people tend to not understand the difference between a financial fraud and a financial scam. However, the difference between fraud and a scam can have large implication over whether the victim may be able to recover some or all of their funds. Chase was recently a presenter at the Financial Planning Association’s Far West Roundup,which is a conference held at US Santa Cruz, targeting practitioners who are new to the financialplanning industry. The Harlan D. Wood and Debbie Druivenga Memorial Cancer Charity Golf Tournament Date: Friday, October 11, 2024Location: Rancho Murieta Country Club – North Course7000 Alameda Drive Rancho Murieta, CA 95683Time: 1:00pm shotgun start, 5:30pm dinner All profits go to cancer research and education. You can help by attending the tournament or donating. Not golfing? Bring friends and attend the dinner. To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail ⁠⁠⁠⁠⁠⁠[email protected] ⁠⁠⁠⁠⁠⁠The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Chase Armer's book- Financial Planning Insights is now available at:⁠⁠⁠⁠⁠⁠⁠https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb⁠⁠⁠⁠⁠⁠ The Rise in Financial Literacy Among Young Adults 01:31 Adjustable-Rate Mortgages 15:07 Eligible Designated Beneficiaries 22:06 Bulletin Board 25:30 Planned Solutions, Inc.⁠⁠⁠⁠⁠⁠https://www.plannedsolutions.com/⁠⁠⁠