2022 Contribution limits for 401K, 403B, 457, Thrift Savings, Traditional IRA, Roth IRA and HSA accounts have all been updated recently by the IRS. In this video, I will cover the recently updated Contribution limits by the IRS. 401k account contribution is up $1,000 to $20,500, with a catch-up contribution limit of $6,500 for 2022. This also applies to 403B's, 457's and Thrift Savings Plans. IRA contributions, both Traditional and Roth, remain unchanged, at $6,000 per person, with a catch-up contribution limit of $1,000 for 2022. HSA contributions are up $50 to $3,650 for individuals and $7,300 for families, with a catch-up contribution limit of $1,000 for 2022. 401K, IRA, and HSA accounts in general are all critical tools to help minimize taxes, optimize your finances and ultimately build wealth. Please do your own research and consult with a CPA on the benefits. This is not financial advice. #401k #IRA #HSA #taxes... ( read more )
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Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)