During the working phase of life, it is important to save for retirement using the type of retirement accounts that are best for your situation. Remember there are different rules for qualifying to use retirement accounts through your employer, versus individual retirement accounts that you can use outside of work.
The contribution limits for company retirement plans have increased in 2022, including 401(k)s, 403(b)s and 457 plans. Traditional IRAs and Roth IRAs remain unchanged. The income limits for contributions have also increased.
Many 401(k) plans have the option to make contributions pretax or post-tax. If you have questions on which is best for you, contact us to discuss this further.