10 Retirement Planning Steps for Clients to Take Before 2023

1. Max Out Retirement Plan Contributions for 2022

With the end of the year approaching, clients should review their contributions to retirement accounts, such as the 401(k), says David Edmisten, founder and lead advisor of Next Phase Financial Planning.

If a wealthier client hasn’t made the maximum contribution, which is $20,500 for 2022, they can look to increase their contribution to the maximum. If they are 50 or older, the client can also make an additional catch-up contribution of $6,500 for 2022.

If the client’s income falls into eligible ranges, they can consider making a maximum contribution of $6,000 to an individual retirement account or Roth IRA, and a $1000 catch-up contribution if they are 50 or older.

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