If you are working for a company when you reach the age for starting RMDs from that company’s 401(k), generally, you can delay taking the RMDs until you retire.

The maximum Roth IRA contribution for 2022 remains $6,000 (with a $1,000 catch-up for age 50 and up), but the phase-out ranges for eligibility have changed.

While there is no change in the amount that can be contributed to an IRA in 2022, there are changes in the income ranges for deducting those contributions.

The same divisor is used to calculate RMDs if you have more than one IRA, but you don’t have to make withdrawals from each IRA to satisfy the RMDs.

The Bureau of Labor Statistics found that in 2020, 10.6 million people 65 and older were in the workforce, with the number expected to hit 16 million by 2030.

The new contribution limit of $20,500 for 2022 applies to 401(k) plans, along with 403(b) plans, most 457 plans and Thrift Savings Plans.

RMDs, the minimum amounts that must be withdrawn from retirement accounts each year, will have changes in 2022 related to the numbers used in the calculation.

When saving for retirement, you owe it to yourself to optimize time and to maximize the benefits your 401(k) plan offers.