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b"In this episode of the Planned Solutions Incorporated Podcast, The high rate of inflation throughout 2022 has resulted in large adjustments to a number of areas of the US income tax code. The number of tax deductions, the levels for each income tax bracket, and the income levels of tax credits are all adjusted upward for 2023. This will produce little change in tax rates for those whose taxable income has kept up with inflation but will likely produce tax savings for those whose income has not increased in line with inflation. \\n\\nAlso, The US economy grew by an annualized rate of 2.6% in the third quarter, offsetting the declines reported in the first and second quarters. Consumer spending continued to the positive while private investment contracted sharply. Meanwhile, foreign trade was strongly positive and government spending once again turned positive.\\n\\nAnd, Social Security benefits will increase by 8.7% in 2023. This is the equivalent of beneficiaries receiving an extra payment in 2023 as their total annual benefit will be more than 13 times their monthly 2022 payment. In addition, unlike past years where increases in Medicare premiums offset a large percentage of the Social Security COLA, in 2023 Medicare premiums will decrease slightly so that the entire Social Security COLA will flow through to beneficiaries. \\n\\nPlus a look at the Planned Solutions Incorporated Office Bulletin Board- The annual contribution limit for employees who participate in 401k, 403b, 457 type plans will increase to $22,500 in 2023, which is a $2,000 increase from 2022. In addition, the catch-up provision that employees aged 50 and over can contribute will be an additional $7,500 (up $1,000 from the prior year), bringing the total employee deferrals to $30,000 for 2023. \\n \\nThe limit on annual contributions to an IRA or ROTH IRA will increase to $6,500 in 2023, up from $6,000 in 2022. The catch-up contribution for those aged 50 and older remains the same at $1,000, bringing the total to $7,500.\\n \\nLimits on other small business retirement plans have also increased along with the income phase outs for ROTH IRA eligibility. With the larger increases coming in 2023, especially with the ROTH IRA eligibility, taxpayers may want to review their overall finances to determine if they need to make any adjustments, including increasing their salary deferrals or incorporating direct ROTH contributions if they are eligible based on the higher income thresholds. \\n\\nChase Armer's book- Financial Planning Insights is now available at:\\nwww.amazon.com/Financial-Planning\\u20261586894022&sr=8-1\\n\\nTo subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com\\n\\nThe Personal Finance Review is published and distributed on a biweekly basis by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.\\n\\nPlanned Solutions, Inc."