|There are new IRA rules for the year 2022. The IRS has increased the annual retirement plan contribution limit to $20,500.00 for 2022 (plus an additional $6,500.00 catch-up if you’re over age 50). All of your brokerage accounts should be automatically updated for 2022 and the contribution limit has been updated to $20,500.00.|
This means that you can put an extra $1,000 per year towards your retirement funds – so make sure to go and update your contributions so that you max out your retirement limits.
A lot has been written about IRA rules already, however, this article attempts to simplify the complexity of the program.
IRA stands for Individual Retirement Account, a personal savings account used to help ensure sufficient finances for every contributing person when he retires. When I say “contributing person”, it means he or she who is setting aside funds out from his taxable earnings during the year whether it be from his/her wage, salary, a bonus, or accumulated service tips.