The Federal Government has announced the largest COLA adjustment for Social Security since 1981 and an upward shift in the income tax brackets as well as increases in contribution limits to retirement plans and the standard deduction. Listen to this episode to find out what you can expect in 2023 and how these changes may offset the high inflation we’re currently experiencing.
- Learn more about Pearl Planning.
- Listen to Episode 128: Roth Conversion in a Down Market
- Listen to Episode 119: Things You Can Do If You’re Feeling The Pinch Of Inflation
- Learn how is COLA is calculated HERE.
- Register HERE for 2022 Year-End Planning Webinar.
Links are being provided for information purposes only. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional. Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your Pearl Planning account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your Pearl Planning accounts; and, (3) a description of each comparative benchmark/index is available upon request.
Melissa Joy, CFP®, CDFA® is President and Wealth Advisor at Pearl Planning. Reach out for a call today at 734.274.6744.