LIFESTYLE DRIVEN ADVICE
MAY 2023

Hello,

As the debt ceiling deadline approaches and negotiations continue on Capitol Hill, investors were treated to some good news when April inflation figures were lower than expected. In the latest edition of “Wealth Insights,” XML President Curtis Congdon discussed the implications of recent CPI and PPI trends for investor purchasing power.

Speaking of inflation, high inflation figures earlier this year led to a significant increase in Social Security benefits, as calculations were adjusted to reflect the higher cost of living. In a recent blog post below, we discussed why this is likely to be a one-off event, with easing inflation leading to a smaller cost of living adjustment later this year.

As a final note, it’s important to remember that scam attempts are on the rise, with criminals using increasingly sophisticated digital tools to defraud people. With that in mind, XML Senior Wealth Advisor Noory Enayat hosted a discussion with XML Chief Compliance Officer Jennifer Szaro on protecting yourself from cybercrime and fraud. No matter your age or experience level, cybercrime can be a threat. Watch this on-demand webinar and learn the best ways to protect yourself and your family. Please note, we will be skipping our monthly webinar in June and will pick things back up in July with our Mid-Year Markets Update. Got a topic you’d like to see covered in an upcoming webinar? Let us know.

As always, if you have any questions about the information shared in the newsletter, please don’t hesitate to get in touch.

On-demand Webinar: Foiling Fraud

Fraud attempts are on the rise: according to new FTC data, consumers reported losing nearly $8.8 billion to scams in 2022—a 30% increase from 2021.¹ No matter your age or experience level dealing with scams, cybercrime is a threat to all of us. 

On May 15, XML Senior Wealth Advisor Noory Enayat, CFP® hosted a discussion on fraud protection with XML Chief Compliance Officer Jennifer Szaro, CRCP®. Jennifer shared key insights into protecting yourself from scam and fraud attempts.

¹ FTC, New FTC Data Show Consumers Reported Losing Nearly $8.8 Billion to Scams in 2022. (Link)

Blogs

Another 8.7% Social Security Increase Is Unlikely

This year, Social Security beneficiaries are receiving a significant increase of 8.7% in their monthly checks. Inflation rates have eased off since the cost-of-living-adjustments (COLA) was last calculated in the fall of 2022—and as a result, next year’s adjustment is likely to be significantly smaller than this year’s.

Scammers Are Targeting Social Security Recipients

The 8.7% increase in Social Security benefits is the largest we’ve seen in over 40 years and, naturally, scammers are hard at work trying to take that money from recipients.

Posing as representatives from the Social Security Administration, scammers are contacting benefits recipients and using the COLA to get sensitive information from unsuspecting victims. Be aware.

XML Team News

Guest Speaker at the DeVoe Elevate Conference

Recently, XML CEO & Co-Founder, Brett Bernstein, was invited to speak at the annual DeVoe Elevate Conference at the Grand Hyatt in Nashville, Tennessee. Brett shared his insights on a number of topics but mainly focused his conversation on developing a growth machine. 

News Feature

Recently, XML President, Curtis Congdon, spoke with U.S. News and World Report about the potential benefits of investing in dividend-paying stocks. "While there is a temptation to move to ultraconservative assets in retirement, this comes with its own risks," says Curtis. "Dividend-paying stocks offer a fairly predictable income stream and can add a differentiated source of return to a portfolio of bonds."

Reminders

Did you know that May 29 is National 529 Day? For those unaware, National 529 Day aims to promote awareness of saving up for college and to nudge families to consider saving toward future education expenses. Here is an informative link that breaks down, by state, all 529 plans and promotions that will be taking place on May 29.

In the event of a disaster or emergency, it's advised that you create an emergency preparedness plan for your household, including vital records and financial information. By regularly updating this plan, you will be prepared to expedite the recovery process faster.

Trusted Contact

If you haven't done so already, we also highly recommend that you submit the name of a trusted contact. A trusted contact is a person you authorize XML to contact in limited circumstances. To learn more about what a trusted contact is, what they cannot do, and how it would benefit you, we encourage you to take a look at FINRA’s reference for What is a Trusted Contact. 

This communication is for information and educational purposes only. This is not a recommendation for the sale or investment in any product or strategy nor should it be perceived as individual advice. Information presented has been prepared from sources believed to be reliable but is not guaranteed and does not represent all available data necessary for making investment decisions. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. Forecasts do not consider the specific investment objectives, restrictions, tax and financial situation or other needs of an individual. Actual data will vary and may not be reflected here. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. The opinion expressed by this individual is based on facts and circumstances known at this time, is subject to change and does not reflect the opinions of all financial professionals of XML.