COLUMN: Plan your retirement savings goals for 2022

view original post

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:

What you can do

• Look for your retirement savings plan from the table and note the annual savings limit of the plan. If you are 50 years or older, add the catch-up amount to your potential savings total.

• 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.

• Look into setting 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.

• Review contributions to other tax-advantaged plans, including flexible spending accounts (FSAs) and health savings accounts (HSAs).

Now is a great time to make 2022 a year to remember for retirement savings.One of my primary objectives is to help you achieve your financial goals through a holistic approach that is tax-efficient in my wealth management and tax resolution practice.

Fred T. Fox III is a Lawton financial adviser who writes a weekly column for The Lawton Constitution.