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Changes to 401k plans, child tax credit, Social Security for 2022

The new year brings a plethora of changes to retirement accounts, mostly at the margins due to incremental inflation increases. This nj.com article by Karin Price Mueller hits on saving for retirement accounts, 401k plans, standard deductions, tax brackets, child tax credits, withholding, Social Security and taxes, capital gains, and charitable contributions. Of particular interest to those receiving Social Security is the 5.9% increase. That may push some into a situation where income tax kicks in. Also, it could kick some into a higher Medicare Part B and Part D premium or into a higher level of long-term capital gains rate. Full article here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.

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