A Look Back at Inflation in 2022

What happened in 2022? Last year proved to be a tumultuous time for many due to the rising costs of goods and services. By the end of November, the consumer price index had increased by 7.1 percent from one year ago. And that was actually the smallest twelve-month increase for 2022, giving truth to the feeling that everything seemed to …

A Look at Tax Planning for Retirement

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan ahead if you want to …

Here’s How You Can Marie Kondo Your Entire Life

While this strategy is most often applied to ridding your home of your grandmother’s antiques and stacks of old CDs, you can also use this idea to rid your entire life of excess—mentally and physically. Think about the quality of the people in your life. No, we’re not saying to cut your friends list from 15 to 5, but it is a good …

Ways to Minimize Tax on an Investment Portfolio

Improving return by minimizing taxes Although we are all obligated to pay our fair share of taxes, few of us would be pleased to pay taxes unnecessarily. Because taxes lower the actual return on your investments, you should be interested in legitimate ways to minimize taxes on your investment portfolio. Several approaches and strategies exist, including the following. Year-end tax …

New Year’s Financial Resolutions to Implement Now

When it comes to New Year’s Resolutions that include financial goals, writing them down and being visible is essential to your success. After you’ve written down what your financial resolutions for the New Year are, tell others about your progress and failures. Here are some things you may want to focus on this year: Decrease your spending- The less you …

LPL Research’s Outlook 2023: Finding Balance

Through all the challenges, newfound opportunities, and every high and low we’ve experienced during the last couple of years, it’s no surprise why we might be striving for more balance. Whether it’s about the markets and global economy or what’s happening in our local communities, the news we’re hearing on a daily basis has the potential to disrupt the balance …

Year-End Tax Planning Basics

The window of opportunity for many tax-saving moves closes on December 31, so it’s important to evaluate your tax situation now, while there’s still time to affect your bottom line for the 2022 tax year. Timing is everything Consider any opportunities you have to defer income to 2023. For example, you may be able to defer a year-end bonus, or …

IRS Increases 401(k) Limit By Record Amounts

As inflation soars, you can now save a lot more for your retirement. On October 21st, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for …

Social Security Gets a Massive 8.7% Raise

Social security is way behind inflation so you may need a better retirement plan. In October of 2022, the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 8.7%. The adjustment will increase monthly Social Security checks by about $145 per month on average, according to AARP, which …

Top Year-End Investment Tips

Just what you need, right? One more time-consuming task to be taken care of between now and the end of the year. But taking a little time out from the holiday chores to make some strategic saving and investing decisions before December 31 can affect not only your long-term ability to meet your financial goals but also the amount of …