The Memphis Flyer’s annual Best of Memphis

1. Worry about inflation has now risen to the point where it is perceived by Americans as the top problem facing the nation. As my Gallup colleague Jeff Jones recently reviewed, mentions of inflation as the most important problem facing the nation averaged only 1% between 1990 and 2021. But such mentions zoomed to 18% in our latest May Gallup poll. Inflation is thus now essentially tied with issues relating to the way the nation is being governed as the top problem facing the nation.

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1. Maximize annual retirement plan contributions.Tax-advantaged retirement accounts are funded with pre-tax dollars and compound over time. You may make pre-tax contributions to a 401(k) up to $20,500 if you are under 50 and $27,000 for those 50 and over. If it is not possible to contribute the maximum amount, you can try to contribute any amount matched by your employer. The maximum yearly contribution for an Individual Retirement Account (IRA) is $6,000 (under age 50) and $7,000 (50 and over).

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Growth rebounds in the United States The world’s two largest economies exceeded growth expectations in the third quarter of the year. The US economy rebounded to a GDP growth rate of 1.8% year over year, after two quarters of contraction. The US growth was supported largely by consumption and exports.

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