Skip to main content

Good News 401k Contribution Limits Are Rising In 2022


If you “love” your 401(k) plan at work, you’ll be pleased with today’s IRS announcement about contribution limits. The amount that you can contribute to your 401(k) will be higher in 2022, increasing to $20,500 from 2021’s limit of $19,500. This new limit also applies to 403(b) plans, most 457 plans and Thrift Savings Plans. The IRS defines 403(b) plans as being for “certain employees of public schools, employees of certain Code Section 501(c)(3) tax-exempt organizations and certain ministers,” while 457 plans are deferred-compensation retirement plans available for government and non-government employers. Thrift Savings Plans are retirement and savings plans for federal employees and those in the uniformed services. Note that people who are age 50 and up can contribute a “catch-up contribution” to the retirement plans listed above in 2022 of $6,500, which has not increased from 2021. By adding the overall increase to the catch-up contribution, a 50-year-old (or older) participant can contribute up to $27,000 in 2022. More details can be found in Notice 2021-61, which is available at IRS.gov. Who loves his or her 401(k)? People who take full advantage of their company’s 401(k) plan to save for retirement, which includes contributing enough to receive the company’s full matching contributions. They also are willing to share with others the advantages of saving as much as they can for retirement as early as they can, to take advantage of the compounding effect of time. Write to me at forbes@juliejason.com. Include your city and state, and mention that you are a forbes.com reader. While all questions cannot be answered, each email is read and reviewed and can lead to discussion in a future post. To keep up with topics that I cover, be sure to follow me on the forbes.com site. All data is taken from the source: Article Link: #plans #newsuk #bbcworldnewstoday #newstodayusa #usnewsworldreport#newstodaybbc #...(read more)


LEARN MORE ABOUT: Retirement Planning
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
https://inflationprotection.org/good-news-401k-contribution-limits-are-rising-in-2022/?feed_id=64688&_unique_id=63d38429a4c32 #Inflation #Retirement #GoldIRA #Wealth #Investing #bbcnewstoday #bbcworldnewstoday #certain #contribution #employees #forbes #IRS #newschannel #newsexpress #newsfortoday #newsnow #newsone #newstodayabc #newstodaycnn #newstodaydonaldtrump #newstodayinusa #newstodayusa #newstrump #newsuk #newsus #newsworldfox #newsyearsday #newspaper #Plans #Retirement #savings #usnewsworldreportnewstodaybbc #457Plan #bbcnewstoday #bbcworldnewstoday #certain #contribution #employees #forbes #IRS #newschannel #newsexpress #newsfortoday #newsnow #newsone #newstodayabc #newstodaycnn #newstodaydonaldtrump #newstodayinusa #newstodayusa #newstrump #newsuk #newsus #newsworldfox #newsyearsday #newspaper #Plans #Retirement #savings #usnewsworldreportnewstodaybbc
Labels:

Comments

Post a Comment

Popular posts from this blog

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for ...
Post a Comment
Read more

Birch Gold Group Review 2023 – Best Gold IRA Company? Pros and Cons

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. See chapters in the description. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Chapters: 0:00 - Intro 0:26 - Is Gold a Good Investment? 1:03 - What is Birch Gold Group? 1:37 - IRA Eligible Coins 1:59 - Is Birch Gold Group a Legitimate Company? 2:50 - How Does Birch Gold Group Work? 3:34 - Birch Gold Group’s Fees and Investment Options 4:02 - Birch Gold Group Low Minimum Investment 4:29 - Birch Gold Group Storage and Security 5:34 - Con #1 – No Overseas Storage Options 5:49 - Con #2 – Initial Setup Fees 6:02 - Birch Gold Group Review Summary Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch...
Post a Comment
Read more