Year End Financial Planning Checklist 2022

As we progress towards year end, there are some things to make sure we review in order to check all the boxes before 2023 arrives. Don’t let the distractions of this year keep you from properly planning in these different areas. Some are just good things to think through on an annual basis, while others have a deadline of tax time, or even year end. The Inflation Reduction Act introduced new rebates and credits, but these will be for 2023 on, not 2022, so plan accordingly. Let us know if you have any questions or want to discuss any of these items in more detail.


The purpose to life is a heavy and controversial question. However, I believe we can agree for now that it isn't merely existing–simply to be alive--but the quality of this time that is important. To live a miserable 100 years is not anyone's goal. We can often get hung up on the duration when perhaps it is the ability to "suck out all the marrow of life" that we should strive for, as Thoreau famously said. What if we could have both?

October 2022 Market Event Follow-Up

Thank you to all who attended our market update, both in person and on zoom.  We had quite a few people ask for a recording but unfortunately, we can’t record it.  Please see some of the slides we covered, along with a brief summary of our discussion.

Inflation Reduction Act

This was just signed into law 8.17.22 so it is still being digested, but we wanted to send you a quick summary of what it entails. First off, it is comical that it is called the Inflation Reduction Act. Seems to be an effort to get support for something everyone could agree on needing (reducing inflation), but the proof is largely absent from the pudding.


It’s not often we get to rejoice in a new retirement savings tool. More likely, many fear things will be taken away, our options to save limited more and more. However, the HSA, if used properly, can be just that—a tool with a new appreciation and tax advantages second to none. With the increasing use of high deductible health insurance plans, many are getting access to these health savings accounts for the first time. But they are much more than a tax-deductible way to fund your health needs this year. In fact, they can be more impactful to your retirement than any other tool out there. That is because, if invested, you will enjoy tax free growth for as long as the funds remain in the account. This is in addition to the deduction you get on the contribution. And there are no forced distributions like the age 72 marker for IRAs and 401ks. However, to enjoy these benefits you must resist the temptation to use them now, and instead, use cash to fund health care needs now while the invested balance grows tax free. You can save receipts, choosing to reimburse yourself at any point down the road should you need to, tax free.

Corporate & Consumer Health

The surprising financial health of the average consumer and corporation lead us to believe that harder times may be still further out. In looking at our last recession in 2008, we see that we are considerably less leveraged now than we were 14 years ago. In fact, corporations are not yet back to averages seen when a recession is more than a year out (see below). And while consumers may be just starting to trend the wrong way with savings and debt due to the strains created by inflation, payroll numbers have remained strong. 

Where Do We Go From Here?

Well, 2022 has started off with a bang but not in a great way.  As I type this, stocks (S&P 500) are down around (13%) YTD but what many people don’t realize is that bonds / fixed income (AGG) is down around (10%) YTD (more on this to come below.)  We began the year dealing with inflation and rising interest rates and FED policy change (less loose but not tight yet) and then the Russia / Ukraine war exacerbated inflation pressures and the supply chain disruptions caused by the Covid lockdowns and further delaying the FED from acting on interest rates. The market doesn’t like uncertainty and this added to the uncertainty.  However, almost 5 months into the year and right at 60 days from the invasion, the market “knows” about most of the things people are worrying about.  Considering the strong market results the past decade and the historic rebound off the market lows of Covid (March 23, 2020), the market is holding up pretty well and has “so far” acted more like a normal correction that historically occurs every 2-3 years.