On May 4, 2022, the Federal Open Market Committee (FOMC) of the Federal Reserve raised the benchmark federal funds rate 0.50%. This is part of a series of increases that the FOMC expects to carry out over the next two years to combat high inflation.1 Along with announcing the current increase, … [Read more...]
What Do Rising Interest Rates Mean for Your Money?
Falling Bond Prices
The ups and downs of the bond market aren’t typically as dramatic as stock market fluctuations. However, this isn’t always the case, as we’ve seen so far in 2022. The Federal Open Market Committee has started raising the federal funds rate and plans to continue to raise it further, which has caused … [Read more...]
Adjusting to Life Financially after a Divorce
There's no doubt about it — going through a divorce can be an emotionally trying time. Ironing out a divorce settlement, attending various court hearings, and dealing with competing attorneys can all weigh heavily on the parties involved. In addition to the emotional impact a divorce can have, it's … [Read more...]
Contributing to Roth IRAs 2022
Roth IRAs are popular retirement savings accounts because distributions from them can be tax-free. You can make a contribution to a Roth IRA if your income is below a certain level. Another way to fund a Roth is to convert some or all of your IRA or retirement plan money to a Roth IRA. Contributing … [Read more...]
2022 Retirement Plan Limits
Generally, the amount that you can contribute to IRAs and retirement plans are indexed for inflation each year. In 2022, the contribution limit for IRAs is the same as it was for 2021. However, other key numbers have increased, like how much you can put in an employer-provided retirement plan. The … [Read more...]