Joe Saul-Sehy and Emily Guy Birken, authors of Stacked, talk about money mistakes, time lining goals, and why laughter is good in personal finance.
IRS Raises 2022 401(k) Contribution Limit to $20,500
The IRS announced that employees will be able to contribute an extra $1,000 to their 401(k) accounts in 2022. The change reflects higher cost-of-living adjustments to retirement accounts but does not affect IRA accounts.
Inflation means you probably should contribute more to your workplace retirement account in 2022.
Cost of Living Adjustment (COLA) to Rise 5.9%, Most in 40 Years
This week, the Social Security Administration (SSA) said that Social Security Benefits will increase by 5.9% in 2022. These Cost-Of-Living Adjustments or COLAs are made annually to counteract inflation. Since 1975, Social Security’s general benefit increases have been based on …