New business owners: Join our Ripple Event Bookkeeping & Brews. Learn about balance sheets, reconciliations, and more while enjoying a brew!

Plan Your Retirement Goals for 2022

by | Jan 6, 2022 | Retirement | 0 comments

There’s good news for your retirement accounts in 2022! The IRS recently announced that you can contribute more pre-tax money to several retirement plans in 2022. Take a look at the following contribution limits for several of the more popular retirement plans:

2022 Retirement Account Contribution Limit Increases

What You Can Do

  • Look for your retirement savings plan from the table and note the annual savings limit of the plan.
  • Then make adjustments to your employer provided retirement savings plan as soon as possible in 2022 to adjust your contribution amount.
  • Double check to ensure you are taking full advantage of any employee matching contributions into your account.
  • Use this time to review and re-balance your investment choices as appropriate for your situation.
  • Set up new accounts for a spouse and/or dependents. Enable them to take advantage of the higher limits, too.
  • Consider IRAs. Many employees maintain employer-provided plans without realizing they could also establish a traditional or Roth IRA. Use this time to review your situation and see if these additional accounts might benefit you or someone else in your family.

Now is a great time to make 2022 a year to remember for retirement savings! Please consult your tax and financial planning advisors if you need assistance.