Have You Accomplished 8% of your goals for the year?

One month down and 11 to go. 8% of 2022 is done and gone. Hope you have accomplished 8% of your goals for the year. If not, consider the following quote:

 “Procrastination is like a credit card: it’s a lot of fun until you get the bill.” -Christopher Parker

 If you don’t have financial goals, you have nothing to work towards. It’s not too late to put plans, goals, or a wish list together for this year – do it now, not next month.

 Consider what the “Great One” said about putting things off:

 “Procrastination is one of the most common and deadliest of diseases and its toll on success and happiness is heavy.” -Wayne Gretzky

 There is no time like the present to start moving forward. Nike has a well know slogan, “Just Do It!” My tweak on their catchphrase is “Just Do It NOW!!”

 Here are some important financial changes you need to know for the new year:

 1.      Increased Contribution Limits

Several types of retirement accounts have increased saving contribution limits in 2022. You can save an additional $500 in IRAs, Roth IRAs, and 401(k)s this year.

 2.      Divorce Tax Rules

Starting in 2019, an ex-spouse paying alimony will no longer be able to deduct those payments on their taxes. In addition, alimony payments will not be considered as taxable income to the ex-spouse receiving the alimony.

 3.      Tax Filing Changes

This upcoming tax season will be the first filing season under the Tax Cuts and Jobs Act. Anyone itemizing their taxes should be aware of some significant changes to the deductions they can claim.

 4.      Full Retirement Age Increases

This year, the Full Retirement Age climbs by two months to 66 years and 6 months for Social Security benefits.

 5.      Medicare Advantage Open Enrollment

Anyone looking to enroll in Medicare or make changes to Medicare coverage should be aware of the new Medicare Advantage Open Enrollment Period that started January 1st and runs through March 31st. If you are enrolled in a Medicare Advantafge plan, you can use this window to either switch to a different Medicare Advantage plan or return to Original Medicare parts A & B.

Don’t forget you have until April 15, 2022 to fund your 2021 IRA or Roth IRA.

 Last but least, a non-working spouse can contribute to a Roth IRA or make a deductible IRA contribution up to $7,000 this year if age 50 or older.

 Something to think about

If one of your New Year’s Resolutions is to save more money, reduce your debt and to finally get your financial house in order, check out some of the FREE resources on greatinvestor.org.

Be blessed!.