It’s Not Too Late Too Boost Your Retirement Savings, Reduce Taxes

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It's Not Too Late Too Boost Your Retirement Savings, Reduce Taxes

By Kelley R. Taylor
From Kiplinger’s Personal Finance
Maxing out your retirement plan contributions can be an effective way to boost savings for retirement and potentially reduce your taxes.
With the end of the year fast approaching, along with the 401(k) contribution deadline, here are some reminders to help you take advantage of tax breaks associated with your retirement savings plan—including making your 2022 maximum 401(k) contributions.
The deadline to make contributions for an employer-sponsored 401(k) plan for 2022 is Dec. 31. The contribution limit for 2022 is $20,500. If you are 50 and older, you can contribute an additional $6,500 catch-up contribution. In that case, your total max 401(k) contribution for the 2022 tax year would be $27,000....

Source: It's Not Too Late Too Boost Your Retirement Savings, Reduce Taxes

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