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…Read More
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a…Read More
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,…Read More
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