Week of 10/27/2022

Tax adjustments are live for 2023. Tax brackets have moved up by 7%, meaning that you can earn more money before your income pushes into a higher bracket. The percentages applied to each bracket remain the same. Contribution limits have also increased for retirement plans (see Ask the Joes®).

As expected, the housing sector cooled in September. October 29 is World Stroke Day. Please be aware of the signs of stroke and remember that early detection and treatment are critical. Recent news reports have discussed disappointing results from a trial researching the effectiveness of colonoscopy interventions on death due to colorectal cancer. This is a complicated matter, and this post from Dr. Peter Attia provides helpful context. Don’t ditch that colonoscopy. The famous Arecibo telescope in Puerto Rick will not be rebuilt, as the National Science Foundation has different plans. The unique setting (a large dish built into the mountain) led to its use in a number of movies, like Goldeneye (1995). When you isolate for US-born mothers, researchers have identified a Covid-19 baby bump.

Q: Can we maker bigger contributions to our retirement accounts next year? A: Yes! Inflation has been more trick than treat, but these increases are more substantial than usual and will be helpful for many retirement savers. Those who want to maximize retirement plan contributions should update their payroll deferrals for the start of the year. The new limits for 2023 are:

IRA contributions have increased to $6,500 for individuals 49 and younger and $7,500 for those age 50 and older.

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