Adapt First Investments, LLC

It's not too late to make your Traditional or Roth IRA 2022 contribution! The deadline to make last year's contribution is April 15th, 2023 although it is advised to plan for the contribution in advance.
If you are under 50, the maximum limit is $6,000 and $7,000 if you are over 50.
FYI: both of these limits increase by $500 in 2023
Be mindful of the income limits in order to make your full contribution.
For 2022, the income limits are as follows:
Single $144,000 with phase out beginning at $129,000
Married $214,000 with phase out beginning at $204,000
Ask your tax advisor and/or financial advisor for advice as to which IRA you should be contributing to.
Happy saving everyone!

Emergency Money:
We all should have money on hand for different emergencies, unexpected job changes or spending items. This allows us to handle those situations without having to reach into retirement accounts and pay penalties or taxes.
The amount to keep in emergency is based on one's own situation but one guideline routinely used may include 3 to 6 months of net income.
Where to put your cash? Unfortuantely our local banks are hesitant, to say the least, to raise savings rates as interest rates have increased however we have found that online banks have done a much better job at this. We are seeing these online banks offering over 3% which, when compared to your local bank, may be worthwhile.
As an example, say your emergency number is $50,000 and you moved from a .10% account to a 3.10% online account, and that rate stayed level for the year, that would equate to an additional $1,500/year or $125/month simply by taking advantage of better rates. You can keep your current bank relationships, simply move some or the bulk of your emergency monies online.
It's not for everyone but if it is, simply find a bank you feel comfortable. I have a few I can suggest as well.
As always, reach out if you have any questions.
George Kitchen
Investment Advisor
Adapt First Investments, LLC.