Inflation has hit the highest levels recorded in roughly 40 years…
The IRS has changed the max contributions each individual can make to a 401K for 2023.
Individuals can now contribute a maximum of $22,500 to their retirement accounts for the year 2023. This represents an increase of 10%.
I am sure that the Biden administration and those in the establishment are going to tout this as some life-saving endeavor but it isn’t.
It also indicates that this inflation may not be so transitory as was stated earlier. Despite this, self-proclaimed financial gurus celebrated:
Breaking news! The IRS contribution limit for your 401k has increased to $22,500 for 2023, about a 10% increase, and the contribution limit for your IRA increased to $6,500 for 2023, about an 8% increase. https://t.co/3srY7CuL2G
— Financially Engaged (@FinEngaged) October 21, 2022
— Stephen Miller (@s_miller1) October 21, 2022
NTD News explains other changes the IRS has made:
In a separate announcement earlier this week, the IRS confirmed there will be higher federal income tax brackets and standard deductions for next year.
Each of the 2022 tax brackets’ income ranges increased by around 7 percent apiece, as compared with last year’s figures, said the IRS.
For the tax year 2023, the top marginal rate, or the highest tax rate based on income, remains 37 percent for individual single taxpayers with incomes greater than $578,125, or $693,750 for married couples filing jointly.
A quick glance at U.S. inflationary data shows that the adjustments made barely account for inflation or are on par with inflation.
Currently, U.S. inflation stands at 8.2% when expressed as a yearly figure, 6.6% on a monthly chart, and this is just what is being reported—in all likelihood the actual figure is closer to 10%:
Core U.S. inflation hits highest levels since 1982.
Predictions from the “experts” were wrong again. pic.twitter.com/lIYW2myXfb
— Young Americans for Liberty (@YALiberty) October 13, 2022
The FED will be raising 100bps in November AND December in the face of 10.5% global inflation and no abatement in the U.S off the 8.5% levels
According to CBS News, IRA contribution limits have also changed:
The IRS said the contribution limit for IRAs will increase to $6,500 next year, a boost of 8.3% from the 2022 limit of $6,000.
However, the catch-up contribution for people over the age of 50 will remain at $1,000, because that rule isn’t subject to an annual adjustment for inflation, the agency said.
Please…above all else, make sure YOU and YOUR family are safe and positioned to survive through whatever bad times may come.
“Food Price Inflation Will Soon Accelerate” – Here’s How YOUR FAMILY Can Get Ahead Of It
Food prices are out of control…
I don’t need to tell you that.
A “triple-whammy” of higher fertilizer prices, lower international supply and higher gas prices mean higher prices at the grocery store.
Fox Business’s Stu Varney is talking about it, too. He is tying it to “stagflation,” which would cause food prices to go even higher.
Here’s the transcript:
“Stagflation is not a happy subject. There are times when the economy gets into an intractable mess — slow growth or no growth with rising prices. That’s stagflation.
We haven’t felt it in a generation, but it looks like it is headed our way again. You are gonna hear a lot about this.
For the past year, inflation has gradually picked up steam. Now it is running hot at a 10% clip — and I think it gets worse.
Food price inflation will soon accelerate. Couple that with gas prices and electricity bills and everything else, and you have got an inflation problem everybody can see and feel.
Now, it’s the job of the Federal Reserve to fix that. They do this by raising interest rates. And that’s what they’re doing now.
The economy will slow. That’s the “stag” part of stagflation. Stagnant economy, rising prices. Stagflation.
Now, think of the implications of this…
The standard of living — especially for low-income people — goes down. Just about everybody loses ground.
Now, we saw stagflation in the 70s and very early 80s — 10% inflation, slowing economy, rate hikes then recession.
An angry electorate fired President Carter.
This time around, we are already feeling stagflation in our wallets.
I think the politicians will feel it at the ballot box – and soon.”
Unfortunately, we may not have enough time to vote out the politicians.
If higher food prices hit this summer, like farmers are predicting, it will be too late.
Some people are preparing for food price increases by stocking up on long-lasting food.
According to one report, Costco has sold out of some of its emergency foods:
Looks like Costco has sold out almost all their emergency food, especially the Mountain house branded items. Everything online goes to an error page. Even the $2200-$6000 pallets are sold out. Cold War 2.0 panic is here. pic.twitter.com/9PK6gH8k0s
— Stalingrad & Poorski (@Stalingrad_Poor) March 14, 2022
The good people at MyPatriotSupply.com still have emergency food on hand (ordering through this link and the links below benefits We Love Trump).
If you can afford it, buying prepared food now creates a buffer for when prices go higher.
Their food kits are packed with 2,000-plus calories a day and last a long time — some for as long as 30 years.
If you have a stockpile, you can use the lower-priced prepared food to soften the blow.
Millions of American families have already bought from MyPatriotSupply.com — making it the largest preparedness company in the nation.
People have said about MyPatriotSupply:
“Received order on the 3rd day by UPS-FREE! Excellent communication. Product sealed in very durable containers and standing by now for me. No regrets. Absolutely recommend!!”
“Best calories per dollar deal — Over 300 calories per dollar is amazing.”
“The battle to be self reliant is a hand most of the world has lost. Through this company and its outstanding quality we all can sleep easier knowing we are not 9 meals from anarchy.”
MyPatriotSupply has nearly 50,000 4-star and 5-star reviews online.
When you order buckets of long-lasting food, you can put them in a closet or back pantry — and worry less about what your family will need in an emergency.
If food prices skyrocket, you’ve got enough food to last.
This content was originally published here.