Money-wise, there was plenty to be worried about in 2022. Big increases in the prices of goods and services coupled with big declines in investment portfolios made last year extremely challenging for investors. The S&P 500 Index fell into bear market territory, losing 25% of its value from early January to mid-October. If you are like many investors and stopped looking at your statements by mid-year, you may have missed the fact that stocks closed the year on an upward trend despite continued concerns about whether inflation and the Federal Reserve’s response to it would send the economy into recession.

Education savings plans available under Section 529 of the Internal Revenue Code (529 plans) offer an excellent way for parents and grandparents to build a fund to cover the high cost of higher education for their family members.

The Consolidated Appropriations Act of 2023, which cleared Congress just before Christmas, included important updates to retirement related provisions in the tax code. These updates build upon the Setting Every Community Up for Retirement Enhancement (SECURE) Act that was enacted three years ago. You may recall that the original SECURE Act included a significant take away in that non-spouse beneficiaries of retirement accounts would no longer be able to stretch withdrawals over their lifetimes. While SECURE 2.0 does not contain such a watershed change, it does offer plenty of planning opportunities for retirement savers and retirees.

​Read David's informative Money Talk column, appearing bi-weekly in the Sunday business section of the Portsmouth Herald.

With the stock and bond markets both offering little in terms of helping investors build wealth this year, it makes sense to focus on steps to minimize the wealth-draining impact of taxes. With a few weeks to go in 2022, there is still time to implement several tax-saving strategies before year-end. Here are some opportunities to consider as part of your financial plan.