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Frequently Asked Question❓ 

Should I roll over my old traditional 401(k) to an IRA?

Answer at the bottom of the newsletter

It could get harder for many public service employees to earn student loan forgiveness.

It could get harder for many public service employees to earn student loan forgiveness. A new rule proposal from the Department of Education would exclude borrowers from the popular Public Service Loan Forgiveness (PSLF) program if their employer is found to engage in what the government labels 'substantial illegal purpose.' This means that public workers, like teachers, nurses, and city employees, may need to keep a close watch on their organization’s perceived legal standing just to stay on the path toward debt relief. For those affected, any months worked after their employer is ruled ineligible would no longer count toward the required 10 years for forgiveness. While the Department argues these changes are about protecting taxpayers and ensuring PSLF only benefits lawful public service, critics warn the definition could exclude large numbers of public and nonprofit employees in schools, hospitals, and even local government. The new regulations are not final yet. There’s a 30-day public comment window before final rules are expected in November. If enacted, tens of thousands could be forced to change jobs or lose a critical path to debt relief.

Americans are still spending as wages keep climbing.

Americans are still spending as wages keep climbing. According to the latest data from Bank of America's clients, household card spending was up 1.8% in July compared to last year, the best showing since January. Spending rose 0.6% after June’s 0.4% rise. Both retail and service spending bounced back, partly because July’s shopping holidays like Prime Day lasted longer than in 2024, prompting extra online bargains and boosting back-to-school buys. These unique events make it hard to say whether these may be temporary boosts or signs of resilient spending.

Higher wages are partially to thank for the continued spending. Lower-income households saw their wages grow more slowly, just 1.3% year-over-year, while higher earners saw faster wage gains and more spending. That gap, now at its widest since early 2021, means many lower-income families are not seeing much extra room in their budgets. Still, across all incomes, most families have higher deposit balances than before the pandemic, and fewer are carrying credit card debt than in 2019. For business owners, it means overall consumer spending looks stable.

Owning a home has moved further out of reach for millions.

Owning a home has moved further out of reach for millions. The math keeps getting tougher: the annual income needed to afford the median home hit $126,670 last year, up 60% in the past three years, according to Harvard researchers. That's well above the median US household income of $80,610. Homeownership now costs more than renting in nearly every major US metro area, with Pittsburgh as the exception. Costs like HOA fees, insurance, and taxes are also rising fast, especially in disaster-prone states.

With fewer affordable options, first-time buyers are getting squeezed out: only 24% of home sales went to first-timers in 2024, the lowest share on record dating to 1981, according to the National Association of Realtors. The typical first-timer is now 38, up from 28 in 1991. These shifts make it tougher for families to build wealth and force many, especially younger buyers or those without family help, to stay renters much longer.

Your Advisor's Edge Team

💡 Answer to the Question:

If you have a 401(k) retirement account from a previous job, rolling it into an Individual Retirement Account (IRA) can give you more control over your investments and possibly lower your costs. IRAs generally offer a wider range of investment options and clearer fee structures than most 401(k) plans. Look closely at expense ratios, administrative fees, and available funds in your current 401(k), then compare them to what an IRA provider offers. For many people, rolling over to an IRA makes sense, especially if it simplifies their accounts and reduces fees. But in certain cases, keeping the 401(k) may be the better move.

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