Beginning the new year offers a great opportunity to check in on your financial wellness. Because retirement savings are such a critical piece of a healthy financial plan, we asked our branded partners at Access Retirement Solutions to share a few important things we all need to remember in 2022:
- 401(k) Contribution Limits – You can contribute more to your 401(k) in 2022 – up to $20,500 if you’re under 50, and up to $27,000 if you’re 50 or older.
- State IRA Mandates – As more states enact legislation that requires employers that do not offer a retirement plan to participate in a state-sponsored IRA program, you can stay up-to-date on the status in your state and avoid costly penalties using this State IRA Mandate tracker.
Already offer a retirement plan? This is a perfect time to review costs and service providers, Access Retirement Solutions offers to provide AAFD members a complimentary plan evaluation. If you don’t currently offer a plan, eligible employers can take advantage of up to $16,500 in tax credits to offset, or even eliminate, plan startup costs.
Learn more about available retirement savings options: