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Happy New Year!!

You did it! You survived the gauntlet of Holidays that end each calendar year. With the new year comes new opportunities and new changes - some good and some bad; and with so much on your mind and in the business of life at the end of the year (traveling to friends and family, buying gifts, making meals, playing games and watching college football), it is easy to get caught up in bad habits and forget to finish the year strong.

Getting Out of Bad Habits

If you’re like me, no matter how well I plan, the end of the year always tempts me to jump back into bad habits - like spending more than I make or eating too much food, etc. I’ve heard all the excuses… “Everybody’s doing it!” “But I have to buy presents for my ex-wife’s second cousin’s stepson.” “I want my kid to have the best Christmas ever.” “I just HAVE to have it!” Bad habits create a hectic lifestyle, and that’s not how you want to begin a new year. For instance, if you spent more than you made over the holidays, you start the new year off having to get out of debt. The Bible clearly states that the borrower is a slave to the lender (Proverbs 22:7). I’m not saying you can’t have fun, but what are the consequences of your actions? How will you pay off that debt? Do you have to pause your contributions to your 401(k) or Roth IRA? If so, this has a compounding effect on your retirement. And for what? So, you could “keep up with the Jones’s?”

Playing Catchup

There is hope! This is a new year, and with the new year comes new goals and resolutions. Did you know you have until Tax Day of 2023 to max out your IRA or Roth IRA for 2022? That’s right! If you contributed $3,000 through December 31, 2022, and you want to continue to take advantage of 2022, keep plugging away with those contributions! Just make sure your contributions are coded for the correct year. The maximum contribution limit for IRAs and Roth IRAs in 2022 was $6,000 ($7,000 if 50 or older), so as long as you don’t contribute more than the contribution limit, you can keep contributing towards the 2022 year until Tax Day of 2023.

Things to think about for 2023

  • IRA/ Roth IRA Contribution limit - $6,500 ($7,500 if 50 or older). If you plan to max out your 2023 contributions, here is the simple update you need to do based on how you contribute:

  • Update your monthly contribution to $541.66 ($625 if 50 or older)

  • Update your twice/month contribution to $270.83 ($312.50 if 50 or older)

  • Update your biweekly contribution to $250 ($288.46 if 50 or older)

  • Update your weekly contribution to $125 ($144.23 if 50 or older)

  • 401(k), 403(b), Thrift Savings Plan, and most 457 Contribution limit - $22,500 ($30,000 if 50 or older)

  • Click HERE to see the highlight of changes for 2023

Now What?!

Luckily for you, we’ve got the answer that works every time. If you’re a Dave Ramsey follower, you’ve heard him harp on 7 action steps that will guarantee you financial success in life: the 7 Baby Steps. No matter where you are financially, these 7 steps will help you get out of debt, build wealth, and “live and give like nobody else.” If you would like help on your financial journey, reach out to your Local & National SmartVestor Pro and schedule a meeting. We are happy to meet you where you are and answer any questions you may have.


January 5, 2023

Stephen Armstrong

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