Modern capitalism is a pro at two things: generating wealth and generating envy. Perhaps they go hand in hand; wanting to surpass your peers can be the fuel of hard work. But life isn’t any fun without a sense of enough. Happiness, as it’s said, is just results minus expectations. – Morgan Housel
Social Security isn’t in danger of going broke — it’s financed primarily through payroll taxes — but its financial health is declining, and benefits may eventually be reduced unless Congress acts. Read more here.
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 phaseout thresholds for deductible IRA contributions and contributing to Roth IRAs have adjusted as well. Read more here.
Photo of the Week
Darrell Tierney in action on his sailboat, Zephyr, at Table Rock Lake this summer. Darrell has been an avid sailor for over 50 years. He taught himself to sail on Shawnee Mission Park Lake.
“Don’t ask me financial advice about a boat – the answer is probably yes.”
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