You’ll be able to put more money in your 401(k) next year

You'll be able to put more money in your 401(k) next year

Americans will be able to save more in their workplace retirement accounts in 2022, the Internal Revenue Service said on Thursday. As part of the changes, employees will be able to contribute $20,500 to their 401(k), 403(b), the federal government’s Thrift Savings Plan and most 457 plans in 2022, up from $19,500 in 2021. The catch-up contribution for workers … Read more

Opinion: I withdrew money from my IRA during Covid. How can I pay it back?

Opinion: I withdrew money from my IRA during Covid. How can I pay it back?

Q.: Hi Dan, I’ll soon be 63. During Covid, I was furloughed from my job and made a withdrawal from my traditional IRA. While I’ve used some of the funds to supplement my cost of living, I would like to return the excess to my IRA. I can make a $7,000 contribution for 2021 but is … Read more