I always look forward to a brand-new year – it’s like starting over with a clean slate. But, I want to take a few moments and reflect back on my 2017. It was a challenging year in some respects, but I like to view challenges as learning experiences and opportunities for personal growth. I had many positive experiences in 2017 – here are of few of the highlights.
The lovely yet formidable Marcia and I recently celebrated our 34th wedding anniversary. That sounds like a long time, but it’s really only slightly more than three decades, which, when you think about it, is only a blip in time when compared to glaciers, the stars and, you know, rocks and stuff.
Rather than continuing the old New Year’s traditions of sipping bubbly and watching the “ball” drop, consider shaking the celebration up a bit. It’s YOUR New Year’s … make it NEW!
Not long ago, Turner Classic Movies filled my television screen with yet another showing of Lust for Life, the still-popular 1950s biopic starring Kirk Douglas. Not long after, I could tune in my radio to hear the haunting 1970s Don McLean ballad, “Vincent.”
Every January first at midnight, there are certain things you can count on if you’re in a bar or other large, public gathering.
Happy New Year! Last year is old news, and I hope you’re not sitting and thinking about what you could have done better. That is now the past, and you have a fresh start.
The U.S. economy improved in 2017. After growing at a sluggish 1.2 percent in the first quarter, the economy grew at a solid 3.1 percent in the second quarter, and 3.3 percent in the third. Third quarter growth was surprisingly strong, given the hurricanes. The New York Federal Reserve estimates fourth quarter growth at 3.2 percent – this means that the economy grew by 2.7 percent in 2017, compared to 1.95 percent in 2016.
The end of each year brings many life-affirming traditions: family gatherings, gift-giving, the joy of … uh, imbibing. And part of finishing each calendar period is to remember, and reflect upon, who among us we’ve lost; thus, the appearance of numerous necrology recaps every December. Who of interest died this year? We’ll be reminded.
With an average premium of $2,394 per year, Michigan has the most expensive auto insurance in the nation. The next most expensive state, Louisiana, has an average premium of $1,921 per year. Detroit is, by far, the most expensive city to purchase auto insurance with an average yearly premium of $7,415 – 60 percent higher than the second most expensive city (Brooklyn, NY).
I hope all of My City’s readers had a wonderful Thanksgiving, as we all have much to give thanks for. As we move into the Christmas season, we often feel an urge to give a little extra during this time of the year, as it is a season revolving around the giving and receiving of gifts. One other thing that a lot of older investors associate with the year end, is what is called the Required Minimum Distribution. The Required Minimum Distribution (RMD) is a required amount that people who have attained the age of 70.5 need to withdraw from their retirement accounts. For some investors, this RMD has become very substantial, to the tune of tens of thousands of dollars. Many investors don’t really even want to take these distributions, and the main reasons for that is that are: 1) they don’t need the money at that point in time, and 2) they have to pay taxes on these funds that they don’t want in the first place.
