We want to wish everyone a healthy & Happy Thanksgiving! Please note that the MONECO offices will be closed for the holiday, as well as on Friday November 26th. If you need immediate assistance, your advisors will be checking email for any needed assistance.
The Weekly Wealth of Knowledge is your download of this week's most important topics related to financial planning, the markets, and our community. November kicks off "giving" month at MONECO, as we welcome in all that we should give thanks for. This year, like last, it means more than anything after all that we have been through over the past 18 months. All month long we will be providing you content on how to give back in many ways, to your friends, your community and to your family. And let’s do our best to continue this trend, not just this month, but throughout the entire year!
In this issue:
- New 2022 401K Contribution Limits Set (3 min read)
- U.S. Manufacturing Races To A 2-1/2-Year High (2 min read)
- How Grandparents Can Save & Gift Money (3 min read)
- Happy Thanksgiving!
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New 2022 401K Contribution Limits Set
The IRS recently released its updated contribution limits for retirement savers for 2022 with an increase. This increase applies to all 401(k)s, 403(b)s, most 457 plans and the federal government's Thrift Savings Plan. In addition, there have been several other changes to catch up contributions as well as employer contributions or "matches." If you have any questions on how these changes could impact your savings and overall financial plan, do not hesitate to reach out!.
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U.S. Manufacturing At 2-1/2-Year High
Despite some of the current economic headwinds, including inflation and supply chain challenges, U.S. manufacturing rebounded in October and jumped to a 2 1/2 year high, a level not seen since March of 2019. Within the report, a big highlight came from the auto manufacturers who saw a rebound of 11% in production, another potential good sign that supply chain shortages could be easing.
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How Grandparents Can Save & Gift Money
As we continue with the theme of "giving" month at MONECO and with the holidays around the corner, we look at how grandparents can potentially assist with gifting to their grandkids' education needs. This can often be a benefit for both parties involved and a frequent financial planning topic that we discuss. If you have questions on whether or not this could be a good strategy to deploy, give us a call, we can help.
Click here to read the full article
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Wishing You All The Best!
