2023 Retirement Plan Contribution Limits
The IRS has released the 2023 inflation-adjusted contribution limits into retirement plans along with phase-out ranges.
The IRS has released the 2023 inflation-adjusted contribution limits into retirement plans along with phase-out ranges.
You can't read about investment for very long without hearing about inflation. The concept may be a little difficult to understand, but at its most basic, it comes down to the following: prices rise over time, causing your money to lose some purchasing power. If you could buy a car in 1980 for $5,500 and a comparable make and model for $49,000 in 2022, that speaks to the change in purchasing power. Sure, your 2022 model probably has a nicer stereo and several other value-added gizmos, but for the most part, your $5,500 doesn't have the same purchasing power in 2022 that it had in 1980.
Compound interest has been dubbed the "eighth wonder of the world." Benjamin Franklin held a similar fascination with compound interest, using it to create endowments for the cities of Boston and Philadelphia that are still paying out. What is it about compound interest that drew the attention of these geniuses, and what separates it from other forms of interest?
When considering your retirement strategy, how much thought do you give to how long you might live? It can be an uncomfortable reality to consider, but this shouldn't dissuade you from giving it some serious thought.
Many people know that they're eligible for Social Security benefits, but did you know that there's also a provision to provide for spouses, regardless of whether they've contributed to the program? You might also be eligible to claim spousal benefits if you're widowed and, in some cases, even if you're divorced.
Have you ever set a financial goal for yourself with the best of intentions, only to find yourself derailed after a few months? If so, you're not alone. Just look at how many people start the New Year off with a brand new gym membership, only to stop going after a few months. Let's get back to the basics of financial goal setting so you can set yourself up for success.
The White House recently forgave up to $10,000 to student loan borrowers as part of a larger debt forgiveness program. There are still quite a few questions to be answered, but here are some key points to know.
When it comes to life insurance, there are many choices: Whole life. Variable universal life. Term. What do these descriptions really mean? All life insurance policies have two things in common: They guarantee that they will pay a death benefit to a designated beneficiary after a policyholder dies (although the guarantee may be waived if the death is a suicide occurring within two years of the policy purchase). All require recurring payments (premiums) to keep the policy in force. Beyond those basics, the differences begin.
"Will I outlive my retirement money?" This is one of the top fears for people who are starting to prepare for their retirement years. Determining how much money you need in retirement is a process. It shouldn't be a number that you pull out of thin air.
College tuition is at an all-time high. As of 2022, the average student loan debt is about $39,000 per student, and the average monthly student loan payment is nearly $400. It's no wonder parents want to help their children pay off their student loans as quickly as possible. Paying off this debt could help set your child up for success as they make important financial choices, such as applying for a mortgage.
I think most people do a good job of forecasting or predicting what could happen in the future, except for the true surprises. The biggest risk really to many is what you don't see coming. If you don't know to prepare for it, how would you deal with the damage that is amplified when it hits you?
On behalf of your patients, Thank You. In a world where medicine is prescribed before learning about the person, you bring the human and natural side back to practicing medicine.
