In 2022 The Fed raised interest rates seven times, with the possibility of raising interest rates again in 2023 as they pursue cooling inflation. December 2022’s inflation rate was 6.5%, with the Fed Funds rate increasing to 4.4%, the rate banks borrow from The Fed.
Throughout 2022, the U.S. economy experienced high inflation, economic expansion and contraction, low unemployment, and narrowly avoided a recession. But even economists with insight have mixed feelings about what the 2023 U.S. economy may be like- it’s a guessing game this early in the New Year.
The start of the New Year is a great time to focus on retirement savings contribution limits. Thanks to the power of compound interest. The more you save this year, the more financially secure you may be during retirement.
2022 had numerous tax law changes that may impact you when filing your 2022 taxes. Depending on your situation, the changes may mean a reduced refund or a larger tax bill.
Life insurance provides a strategy to protect your assets against premature liquidation. If a loss from death occurs, the assets you’ve worked hard for may face early liquidation.
Social Security Retirement and Supplemental Security Income (SSI) benefits will increase by 8.7 percent in 2023, the most significant increase since the 1980s. The last time the cost-of-living adjustment (COLA) was higher was in 1981, when the increase was 11.2%. The increase, due to inflation, will result in a Social Security benefits increase of an extra $146 per month, or
If you’re like many, overspending during the holiday season may deplete your savings. It is important for you to recover your savings so you’re financially prepared for unexpected expenses. Here are tips to help you spend less and send more money to your savings:
The start of the New Year is a great time to implement financial strategies toward improving your life. Whether you’re already saving or trying to pay off debt, making the right financial resolutions and working towards them can help you achieve your goals. Use these eight financial strategies to improve your financial health in the New Year.
As you retire and continue to grow your wealth, you may want to give back to others. Allowing you to plan your legacy through philanthropic giving in retirement.
As we enter the New Year, your financial security be top of mind as you work towards your goals. Here are some saving statistics to help motivate you.