Traditional Individual Retirement Accounts (IRA), which were created in 1974, are owned by roughly 36.6 million U.S. households. And Roth IRAs, created as part of the Taxpayer Relief Act in 1997, are owned by nearly 27.3 million households.

Key Points:

• US student loan borrowers are making concerted efforts to reduce their outstanding balances as the federal freeze on loan payments and interest comes to an end.

• The resumption of interest accrual and mandatory payments in October has prompted a surge in loan repayments, with borrowers utilizing their savings to address their student loan debts.

• Despite these proactive measures, borrowers are expected to face challenges in meeting their monthly repayment obligations, with the average bill hovering around $400, potentially impacting consumer spending and the broader economy.

Key Points:

• In August, US consumers' inflation expectations showed stability, with a slight increase in one-year-ahead inflation expectations but a decrease in three-year expectations.

• Consumers expressed growing concerns about their financial well-being, including access to credit, and displayed pessimism about the job market, with higher expectations of job loss and more volatility in job changes.

• The Federal Reserve's efforts to manage inflation through interest rate increases are closely tied to these consumer sentiments, as policymakers seek to strike a balance between curbing inflation and supporting economic growth while aiming for a "soft landing" for the economy.

In 2024, a game-changing rule will take effect as part of the SECURE Act 2.0. This new legislation allows parents to roll any unused 529 plan funds into a Roth IRA without incurring penalties. This provision offers more flexibility and potential for growth, easing parents' worries about funds that might not be used for education.

As the dust settles from the tumultuous employment shifts catalyzed by the pandemic, recent reports indicate a marked decrease in the number of Americans quitting their jobs. With this trend peaking in November 2021, we are witnessing an evolving labor market, gradually settling down from its red-hot tempo.