The Expert Podcast

…Here's one. Possibly positive side effect of inflation We've all dealt with inflation with. You know gas prices and food prices and insurance, but there may be a silver lining to some of the inflation in that. Contributions to 401k. Plans. Might be increasing, meaning that the government may allow higher. Limits on contributions to 401ks. Right now it's just over $20,000. The experts are predicting that in the next, by the end of this year it'll go up to 22 maybe even $23,000. For contribution limits So if you have a 401k plan with your employer, Make sure you keep an eye on what the maximum limits are. And you max out that limit especially if you have an employer match because that's free money. It's like a free raise from your employer. By putting more money in. So yeah want to miss out on that free money And even if you don't have a match on any additional funds, putting that extra money in. Saves you on income taxes. And as we know income tax. Is. an. expense you can avoid using many legal. Processes offered by the government like 401k. So if they're giving you an option to put more money in without paying income tax, You definitely want to take advantage of it So keep an eye on those laws as they're being passed for increases in 4 0 1 K plan maximum limits.