Goldsmith & Associates Accounting & Financial Services

09/30/2026

📌 Higher rates sting borrowers, but they can be a real win for savers.

As rates rise, banks may increase the yields they offer on savings products to attract deposits. The average U.S. savings account still pays just 0.64% annual percentage yield. Some high-yield accounts are paying more than six times that, up to 4.2%, for the exact same deposit.

🔎 Certificates of deposit, or CDs, can offer even higher rates, but the tradeoff is access: your money is locked in for a set term, and pulling it out early usually costs a penalty.

Higher yields don’t erase the effects of inflation, and they won’t necessarily transform household finances. But if your savings account is still earning close to that 0.64% average, that gap alone might be worth a second look.

The Federal Reserve recently raised interest rates for the first time since 2023.

09/03/2026

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10/27/2025

Stocks rose last week thanks to a full slate of upbeat third-quarter corporate results and mild inflation data, which helped soften concerns over trade tensions with China. The Standard & Poor’s 500 Index gained 1.92 percent, while...

09/11/2025

Retirement balances have reached new records, reflecting both market resilience and the power of consistent saving.

Fidelity’s latest data shows:
🔹401(k) millionaires climbed 16% in Q2, reaching 595,000 accounts.
🔹IRA millionaires also increased 16%, surpassing 500,000 for the first time.
🔹Average balances rose to $137,800 for 401(k)s and $131,366 for IRAs.

What’s behind the gains? Savers who stayed invested and continued making contributions benefited as markets rebounded from earlier volatility. Even during uncertain times, steady saving habits can help position accounts to capture positive market trends when they occur.

It’s a reminder that discipline and consistency often matter just as much as market performance itself.

Helped by consistent savings efforts and market gains, average 401(k) balances reached fresh highs in the second quarter, according to a Fidelity report.

09/02/2025

Roth IRA conversions have long been used to manage future taxes, but the new state and local tax (SALT) deduction rules may add wrinkles for higher earners.



The new law raised the SALT deduction cap from $10,000 to $40,000 in 2025. However, once income exceeds $500,000, the benefit starts to phase out, shrinking back to $10,000 at $600,000.



Because Roth conversions add taxable income in the year they’re made, some households could see their eligibility for the larger SALT deduction reduced.



It’s a reminder that tax strategies often have overlapping effects—and one move may influence another.

Trump's "big beautiful bill" increased the SALT deduction cap to $40,000. But Roth conversions could threaten the tax break for higher earners.

08/27/2025

Mortgage rates have cooled from recent highs, but what comes next? Experts are watching four key factors that could influence the direction this fall:

• Inflation trends may continue to ease, which could reduce upward pressure on rates.
• Federal Reserve policy decisions remain a wildcard, as any shift in strategy could impact borrowing costs.

Understanding these moving pieces can help put mortgage rate shifts into perspective.

Experts think mortgage rates will fall as we head toward the end of the year. Here's what could impact them.

08/06/2025

The U.S. economy showed surprising strength in Q2, growing at an annualized rate of 3%. That’s a meaningful bounce back from Q1’s slight contraction and a clear sign that consumers and businesses are still spending, despite ongoing uncertainty.

Here are a few key takeaways:
▪️Consumer spending slowed to 1.4%, down from 2.9% in Q1.
▪️Business investment and inventories contributed positively to growth.
▪️Imports dropped 30.3%, which actually helped boost the GDP. Because imports are subtracted from the GDP calculation, a decline means less of a drag on overall growth.
▪️Inflation cooled slightly, with the Fed’s preferred measure (core PCE) at 2.5%.

While this report points to resilience, the path forward remains complex. With domestic demand showing signs of slowing and trade conditions in flux, it’s important to keep a close eye on whether this momentum continues into the second half of the year.

Gross domestic product was expected to grow at a 2.3% annualized pace in the second quarter, according to the consensus estimate.

07/30/2025

A new report from the JPMorganChase Institute shows a growing number of U.S. households are shifting cash from traditional checking and savings into accounts that can generate investment income.



Think brokerage accounts, CDs, and money market funds—vehicles that offer a return on idle cash without a full commitment to market volatility.



This shift is especially noticeable among higher-income households, who often hold larger cash reserves. The trend may be helping to support current levels of consumer spending while also pointing to a broader reevaluation of how liquidity is managed.



With rates in flux, this kind of movement highlights the importance of aligning short-term savings with long-term financial goals—even when market conditions feel uncertain.

New research finds that more Americans are shifting their money from checking and savings accounts into financial vehicles that pay an investment income.

07/03/2025

Mortgage rates continue to hover around 6.88% despite economic uncertainty and global conflicts that would typically drive rates lower.

Here's what's happening in the housing market right now:
🔹 Homebuyer demand remains flat, with applications down 0.4% last week.
🔹 Rates have stayed in a narrow 25 basis point range since April, offering little relief to potential buyers.
🔹 Refinancing activity is up 29% from last year, though volumes remain historically low.
🔹 Average loan sizes are decreasing, potentially reflecting buyers adjusting to affordability constraints.

This stagnant mortgage environment may influence broader economic conditions and investment considerations. Understanding these housing market dynamics can provide valuable context for your overall financial picture. 🏠💡

Economic uncertainty at home and military conflicts overseas are still having little impact on bond markets, and consequently mortgage rates are stuck.

06/23/2025

Unemployment claims dipped to 245,000 last week, keeping levels near historic lows. But economists are watching more than just that headline number.

The four-week average has crept to its highest level since 2023, and hiring has cooled compared to previous years. On average, employers are adding fewer jobs per month, and uncertainty around trade policy and interest rates may be holding businesses back.

Some analysts believe companies are “hoarding” talent rather than hiring aggressively or cutting staff, waiting to see where things land.

Even in a healthy labor market, momentum matters.

The number of Americans applying for unemployment benefits dipped to 245,000 last week amid uncertainty over President Donald Trump’s trade policies