Here are three quick tips from Michael Clark for starting the year off strong:
- Limits increased– If your goal is to max out what you can save in an IRA or 401k, the IRS has increased the amount that can be put into most retirement accounts for 2023. If you have automatic contributions going into them it may be worth reviewing to see if you need to increase those systematic investments to max out.
- College savings– 2023 may be a good year to beef up your college savings accounts. Whether it is for your kids or your grandkids, now may be a good time to add to those accounts with the market down. No one has a crystal ball but with the US stock market, international stock markets, and the bond market all being negative last year now seems like a good time to be adding to those accounts.
- Taxes– Taxes for individuals without an extension is April 18th this year. Although I don’t do taxes, my CPA and tax professionals would urge you to not wait until the last minute. Getting started on those when you can is usually better than waiting until the last minute.