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.
Social Security tax breaks: What the ‘Big Beautiful Bill’ really means for 88% of retirees
Many people, such as President Donald Trump and many members