The Federal Reserve is expected to raise interest rates again next week as it continues to try to cool inflation. The silver lining is that when lending rates rise, savings rates also rise. It’s not unusual now to see certificates of deposits with 4% or 5% annual yields locked in over 12 to 24 months. Money market accounts are now paying healthy returns as well. Millennials and members of Gen Z should take note, because they probably haven’t experienced interest rates this high for savings in their adult lives.

It's difficult to get many Americans to put away an appropriate amount of money for retirement or a financial emergency. Late last year, Congress passed a significant revision to the rules for retirement plans with the intent of extending and expanding your saving opportunities and ability to put away money for retirement. It’s not just for folks preparing to hobble across the finish line. The changes also can help people still paying off their college loans and those who need to establish their first emergency funds.

For this week’s podcast, IBJ columnist Pete Dunn, aka Pete The Planner, explains these new opportunities for savings. He also shares a tip for avoiding an interest-rate trap that current homeowners could fall into if they try to level up on housing.

The IBJ Podcast is brought to you by Taft.