2022 brought on new contribution limits and more opportunities for your clients to save for retirement. Here are some tips.
Did you know that the retirement contribution limits for many plans changed in 2022? While IRA contribution and catch-up limits have not increased for 2022, there is still time to help clients make their 2021 contributions.
Send it to the IRA custodian prior to the tax-filing deadline (April 18, 2022) and note that it is for a 2021 contribution. Note that if it is a SEP-IRA contribution, the custodian doesn’t report the tax year to the IRS—only the contribution year. The taxpayer is responsible for reporting the contribution year.
Be sure to contact your clients and ensure they have made the most of their IRA contributions as well as spousal IRA contributions, if eligible. Additionally, you can discuss whether or not they might be better off making a Roth versus a traditional IRA contribution. Contributing is important. Here are two tips for maximizing the benefit:
For more information about retirement-planning, please contact our Retirement Strategies Group at RSG@PacificLife.com or (800) 722-2333, ext. 3939. PacificLife.com
This material is provided for informational purposes only and should not be construed as investment, tax, or legal advice. Information is based on current laws, which are subject to change at any time. Clients should consult with their accounting or tax professionals for guidance regarding their specific financial situations.
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Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
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