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Individual Retirement Accounts: What You Need to Know

Money Talk

One of the few things that taxpayers can do to reduce their income taxes after a calendar year ends is to make a tax-deductible contribution to a traditional individual retirement account (IRA) or a SEP-IRA (for small business owners and/or their employees). Many have accumulated significant sums and need tax planning help.

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How HSAs can transform retirement planning and your common questions

WEX Inc.

Fortunately, there’s an often overlooked way to help employees build wealth and prepare for retirement. Why HSAs for retirement planning? These accounts provide another way for your employees to diversify their efforts to prepare for retirement. Click below to get your free HSA retirement white paper.

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Ten Upsides of Inflation

Money Talk

Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., 401(k)s) and IRAs are pegged to inflation. Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., When inflation rises, workers can save more money. million in 2022).

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Can Employers Help Employees Save (or Save More)?

AssuredPartners

Earlier adopters of 401(k) plans, Generation X workers are saving for retirement, but many may fall short. Despite 81% participating in an employer-sponsored 401(k) or similar plan, only 22% of this generation’s workers are “very” confident they will be able to retire comfortably.

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Twelve Tax Planning Topics for 2022

Money Talk

Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018. President, most people can’t itemize without a plan. 401(k), 403(b), 457, TSP). Absent catastrophic medical bills or a natural disaster declared by the U.S.

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Financial tips for your LGBTQ+ community

Employee Benefits

The personal finance benefits to married LGBTQ couples have expanded by leaps and bounds in the last decade since same-sex marriage was legalized. Gaps also exist when it comes to retirement savings among same-sex and LGBTQ couples. Married individuals can file jointly to receive a combined standard deduction of $27,700.

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The Impact of Indexing: 13 Real World Examples

Money Talk

Other tax numbers that get indexed are the standard deduction, certain tax credits, and the deduction for business-related and medical mileage. Tax-Deferred Retirement Plan Limits - Like IRAs, maximum plan contributions are indexed for inflation. The APR is often the designated index rate plus x%.

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