contribution limits

Updated Retirement Plan Contribution Limits for 2022

Retirement plan contribution limits are indexed for inflation, and with the recent announcement of significant a Social Security cost of living increase – which is typically a reflection of inflation – most of the retirement contribution limits have increased for 2022.  A few limits that have remained unchanged include the amount to contribute to an…

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backdoor roth IRA

The “Backdoor” Roth IRA Remains Open

The Roth IRA is an attractive savings vehicle, offering tax-free retirement income and other significant benefits. Unfortunately, income limitations prevent many people from contributing to these accounts. But even if you can’t contribute directly, there’s no limit on converting a traditional IRA into a Roth. This “backdoor Roth IRA” strategy allows anyone, regardless of income,…

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