Hello and Welcome to our October 2022 … Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
Dallas Museum of Art
2 PM Saturday Afternoon November 19th before Thanksgiving Weekend
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets thoughts and current events!
Hope you enjoy!
October 2022 Video
Financial Planning Tip(s)
New Retirement Contribution Maximums
- 401(k), 403(b), most 457 plans, increased to $22,500 (2023), up from $20,500 (2022)
- Catch up for those over 50 is increased to $7,500 (2023), up from $6,500 (2022)
- Total max 401(k), 403(b), most 457 plans including catch up is $30,000 (2023) up from $27,000 (2022)
- limit on annual contributions to an IRA increased to $6,500 (2023), up from $6,000 (2022)
- IRA catch up for those age 50 and greater remains $1000
- Annual Gift Exclusion amount increased to $17,000 (2023) from $16,000 (2022)
Capital Market Comments
Fastest Interest Rate Increase EVER – That’s a long time1
Our friends at Visual Capitalist are at it again with a superb chart we have been watching for, here in this post we highlight the following chart of just how fast this interest rate increase has been – fastest ever that is
Recall this is a TEMPORAY headwind to Fixed income instruments, that show up in greater magnitude due to the FOMC’s aggressiveness…
Have a Great Day, Talk to You at the End of October!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth