Happy New Year!
With the ringing in of a New Year, we want to take a moment to express our appreciation. We consider ourselves a partner to clients in planning and accomplishing goals throughout the year. As we begin to see how 2023 unfolds, we want to share an exciting announcement, brief outlook, and several planning considerations.
Although we experienced challenges in 2022, like many individuals and businesses, we continued to see growth in our client base as an increased number of people sought professional financial guidance. As we wish to continue to expand our services and impact to other individuals and families, it’s of upmost importance that we can maintain the consistent, quality level of service that you deserve. In helping us to accomplish this goal and plan for a bright year ahead, Michelle Schleich joined Harvest Wealth Group, LLC as Operations Manager in November 2022. Michelle may be a familiar face and voice to many of you with our working relationship from previous years. Michelle’s journey in financial services began in 1998, and she has gained extensive knowledge and experience in all facets of financial services and operations. Michelle’s in-depth understanding of the industry, desire to build relationships with clients, and professional service will be valuable to our organization and to each of you. Please welcome Michelle at firstname.lastname@example.org, and she looks forward to reconnecting with many of you and meeting new faces as well.
As investors, after facing a challenging 2022, we understand that when volatility is rising, boring is often beautiful. Most of the world’s economies are in or near recession, thanks to slowing growth, war in Ukraine, a lingering pandemic, high inflation and rising interest rates. One potential bright spot is that recessions historically haven’t lasted very long – about 10 months on average. You can’t have such a sustained period of growth without an occasional downturn to balance things out. It’s normal, expected, and healthy, although painful. As we continue to experience the economic cycle, the important thing to remember is that recessionary times set the stage for the next period of growth.
As far as planning considerations, we want to encourage you to be aware of several changes to the Traditional IRA & Roth IRA contribution limits. The contribution limit is increasing to $6,500 ($7,500 for those age 50 and older) for 2023. As we see contribution limits increase for Individual Retirement Accounts, it’s always a timely reminder to consider increasing your contributions to retirement. We do recommend reviewing the contribution and income limitations for IRAs and Roth IRAs via the IRS website, https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits or discussing with your CPA, to prevent any ineligible contributions.
If you are a current client wishing to discuss planning for the new year, or you wish to connect to see how we can partner to accomplish your goals in 2023, we'd welcome you to contact us.
We wish you all the best in the 2023!
Megan & Michelle