There is some good news from the IRS for retirement savers; they have announced an increase to the contributions limits for workers with a 401(k), 403(b) and 457 defined contribution plans for 2022. Larger contributions will allow you to defer more income from taxation. This will be great for high-income Americans who are facing potentially higher taxes next year under tax proposals from President Biden’s Build Back Better plan.
Are you ready to retire? By 2030, one