With Social Security marking its 90th anniversary, lawmakers are considering how to shore up the program's finances for the future. One proposal, from Sens. Bill Cassidy of Louisiana and Tim Kaine of Virginia, would establish a new $1.5 investment fund for the program, with the money invested more aggressively than the existing trust funds. A separate proposal from Rep. John Larson of Connecticut would raise taxes for high earners.

Social Security remains key for many Americans, with nearly 70% expecting it to be a source of income and nearly a third expecting it to be the primary source, according to the Transamerica Center for Retirement Studies. Women are more likely than their male counterparts to rely on Social Security in retirement, the research shows.

US wholesale prices accelerated in July, with the producer price index gaining 0.9% for the month and 3.3% on a year-over-year basis, according to the Labor Department. The monthly increase was the largest in more than three years. Core PPI, which excludes fuel and food prices, also increased 0.9%. Meanwhile, San Francisco Federal Reserve President Mary Daly is pushing back against the idea that the central bank should cut interest rates by 50 basis points at a September meeting.

A number of cities and states are enacting or considering measures that raise taxes on high-net-worth individuals, including by hiking tax rates and increasing capital gains levies. For example, Connecticut lawmakers have proposed raising rates for individuals making $250,000 or more and couples making $500,000 or more. Meanwhile, Washington state recently passed a law that included a higher capital gains tax.

The Labor Department is once again asking an appeals court for more time to consider how it wants to proceed with a case involving a challenge to the fiduciary rule issued under the Biden administration. The rule was stayed by two district court rulings in Texas, and the Labor Department appealed before the beginning of the Trump administration.

The Life Actuarial Task Force of the National Association of Insurance Commissioners reflected on the impact of Actuarial Guideline 53, which focuses on the calculation of reserves under risk-based capital rules. "[W]e are making really good progress, and at this particular time, there's not a dire need to consider an investment guardrail for AG 53," said Fred Andersen of the Minnesota Department of Commerce. Regulators also discussed AG 55, which focuses on assets underpinning reinsurance deals.

Embracing a holistic approach to planning that involves addressing family dynamics and legacy issues is crucial for serving high-net-worth women over the age of 60, according to Jen Hollers of LPL Financial. Many women in this demographic are "choosing to gift during their lifetime to foster connection and support, rather than waiting until death to transfer assets," Hollers notes.

Sticking to long-term investment goals is a wise move in the current economic environment, advisors say. "I think there are a lot of reasons to be optimistic, but also cautious at the same time," said Winnie Sun of Sun Group Wealth Partners. Diversification and rebalancing may be crucial considerations.