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Finance Buff’s Annual Predictions

July 24th, 2022 at 02:55 pm

The Finance Buff has released his annual predictions for contribution limits for retirement plans. As he mentions, so far he has predicted these with 100% accuracy. I enjoy reading his posts every year. 

He is predicting an increase to the 401k contribution limit of $2,000, not the $1,500 I posted recently from another source. And an increase to the IRA congribution limit of $500. That would be an annual increase of $2,500 or a little more than $200 a month. 

https://thefinancebuff.com/401k-403b-ira-contribution-limits.html

Posted in Retirement readings, Savings stories, Personal Finance, Retirement, Saving Money | 4 Comments »

4 Responses to “Finance Buff’s Annual Predictions”

  1. MonkeyMama Says:
    July 24th, 2022 at 03:29 pm 1658672961
    1658672961

    Ugh, that stresses me out. 😁 The IRA limit increase (with two IRAs to fund). But it was clearly inevitable with inflation numbers this year.

  2. rob62521 Says:
    July 24th, 2022 at 07:00 pm 1658685622
    1658685622

    Although for those having to put the money in, I'm sure it might be a struggle, but I'm glad they are raising the limits so people can invest more. Like MM said, with inflation...it was inevitable.

  3. Dido Says:
    July 24th, 2022 at 08:44 pm 1658691881
    1658691881

    There's also a plan in the tax bills to raise the "catch-up" contribution for those who are over 50 from $6,500 a year to $10,000 a year. From what I hear, this provision has bipartisan support (as does a provision to raise the age of required distributions from IRAs from 72 to 75). No action will be taken on this until late in the year since everything at the moment is focused on the mid-term elections. Hopefully they don't leave it until the last week of December (or worse, the first week of January), which sometimes happens with tax bills.

  4. terri77 Says:
    July 28th, 2022 at 01:02 pm 1659009730
    1659009730

    I’m still a while away from 50, so I had forgotten about the other legislation. I hope it passes.

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