Here's your monthly round up of what's happening in the world of personal finance.
October saw all kinds of changes in the personal finance space - more treats than tricks this time. This article from NY Times does a great job of summarizing what's happening, and below are some more detailed articles for specific scenarios.
Read the summary from NY Times
Check out the new tax rate tables to see the impact. If your income stays the same, this is positive news for you as the bracket adjustments and updated standard deductions will decrease your tax bill.
More good news on your 2023 tax bill and retirement savings strategy: 401k contribution limits are seeing one of their largest increases in recent memory in 2023 - up $2,000 from the 2022 limit. Make sure you adjust your contribution to take full advantage of this tax-deferred savings vehicle.
Not sure if you should be doing Roth, Traditional or After-Tax contributions? Let's chat.
Contact Me: crystal (at) crystalhadaway.com
It's probably worth rechecking your benefit amount - the cost of living adjustment on Social Security benefits is up a whopping 8.7% next year. Details below.
2023 Social Security Increases
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