Numbers to Know in 2023: The Change-up 4/24/2023

Happy Monday!

I hope you enjoy this edition of The Change-up, my weekly newsletter sharing the latest market news and personal finance tips. If you're interested in learning more about working with me, shoot me a message or click my Calendly link at the bottom.

Please feel free to forward it along to friends.

One last thing before we get into it. I'm attending the Celebration of Generosity conference this week in Scottsdale, which is put on by Generous Giving. The event's goal is to continue learning more about charitable giving and have encouraging conversations around strategies and generosity. With that said, I will not be sending out a newsletter next Monday, but I am excited to share some about the event on 5/8.?

Quote of the Week

"Everything is an experiment'

-Tibor Kalman

The Story

It was a very slow news week in the economy, with earnings reports dominating the chatter. Markets were flat to start the week and stayed that way on Thursday and Friday. This week's news gives us the March new home sales and the advance GDP number for the first quarter.

My View

I've always had trouble sitting in the unknown. Mostly because I lack control in those moments. The clearest example of this is how I felt when a hitter put the ball in play. No matter how good the pitch was, I had no control over the outcome once it left my hand. I struck out some hitters on fastballs down the middle. Other times, I made good pitches and had bad things happen. In high school, Mookie Betts literally hit a curveball that bounced up the middle for a single on me. Great pitch. Bad result. And why he's Mookie.?

Perhaps no batted ball gave me more anxiety than a fly ball hit in the gap between outfielders with runners on base. Probably because the stakes were so high. The outcome was either going to be an out or an extra-base hit that scored the baserunners. The anticipation was killer.?

Economically, it feels like the ball is in the air headed toward the gap. The Federal Reserve made its pitch by printing money during COVID and raising rates over the last 12 months. The economy has hit the ball in the gap. And we are left in this period of anticipation, wondering if it's going to result in runs or an out.?

We have two options during this uncertainty. We can be fearful of the worst-case scenario and let short-term possibilities dominate our decision-making. Or we can stick to our process of rational thinking, owning quality assets, and having confidence in the long term. I'd recommend the latter ??.

Coming Up This Week

• Earnings season (all week)
• March new home sales (Tuesday)
• 1Q2023 Advance GDP (Thursday)

Now that we are past Tax Day and most Americans have put a bow on 2022, let’s talk about some changes you need to be aware of for 2023. The below numbers change every now and then to keep up with inflation and legislative changes.

All of the below numbers are effective for 2023.

?

Standard Deduction

Single: $13,850

Married filing jointly: $27,700

?

Estate tax exclusion

2023: $12.9 million

?

Annual gift exclusion

$17,000

?

401(k)/403(b)/457/TSP contribution limits

49 and under: $22,500

50+: $30,000

?

Simple plan participants

49 and under: $15,500

50+: $19,000

?

IRA/Roth IRA contribution limits

49 and under: $6,500

50+: $7,500

?

Health Savings Account

Individual: $3,850

Family: $7,750

55+: $4,850

?

All of these options are tools at your disposal. Make sure you have a good plan that prioritizes your wants/needs/goals. If you’re not sure where to start or want someone to take the planning off of your plate, click the link below to get on my calendar.

Let's have a week!

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. McCall & Associates is not a registered broker/dealer and is independent of Raymond James Financial Services.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate to complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Austin Coley and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.?

The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market. The Dow Jones Industrial Average (DJIA), commonly known as "The Dow", is an index representing 30 stocks of companies maintained and reviewed by the editors of the Wall Street Journal. The NASDAQ Composite Index is an unmanaged index of securities traded on the NASDAQ system. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investors' results will vary. Past performance does not guarantee future results.?