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Rejoice! We Can Save a Bit More!

It can be tough to save money for long-term purposes. Under that guise and to encourage savings for various needs – such as retirement, healthcare, and college costs, the government has continued to offer lucrative tax breaks for investors. From IRAs and 401(k)s to HSAs and 529 plans, the IRS provides investors with the ability to lower their current taxes, defer taxes, or avoid taxes altogether. However, there is a rub in their generosity.

The IRS limits just how much money you can put in various accounts.

The good news is that the IRS reevaluates contribution limits on various accounts. While it doesn’t always happen and Uncle Sam has gone long stretches without changing contribution limits, this year the Feds decided to be a bit more generous on some fronts. On the whole, contribution limits have risen for various accounts.

For savers, this is great news and we should all be working towards maxing out these limits.

Be sure to check our Portfolio Management Channel to learn more about different portfolio rebalancing strategies.

Expanded Amounts

Employer-Sponsored Retirement Plans

Individual Retirement Accounts

Saving More for Healthcare

Saving More In 2022