It’s beginning to look a lot like Christmas, and most businesses are closing shop for the holiday weekend. Before we go, we want to make sure you’re all aware of what needs to happen to wrap up 2021 and what is coming in 2022.
What to do by December 31st:
Have you reviewed your financial documents and made your year-end amendments? If not, make it a priority to wrap those up before December 31st.
Have you made your RMDs? Be sure that everything is set for those before you ring in the New Year.
What to review for January 1st:
Check your retirement savings accounts. There are some changes that will hit January 1, 2022 that will complicate a number of contributions. Make sure you look into whether you remain eligible for Roth IRA contributions, what your employer is able to contribute, and what your deduction for a traditional IRA will look like now.
Take note of how Medicare is changing. As Investopedia states:
“There are generally a series of changes to the premiums, deductibles, and coinsurance for the four Medicare plans (Part A, B, C, and/or D). For example, Part B—the plan that covers most non-hospital, medical costs—is seeing its monthly premiums rise to $170.10 in 2022 (from $148.50) and its deductible rise to $233, from $203. How these changes will affect you will depend on your income and other factors, so check how much more (or less) you'll be paying in 2022 and take that into account for your monthly budget.”
3. Make sure you're aware of the changes to Social Security coming in January.
As always, our hope is to make sure you're on track to step into 2022 informed and ready to meet your goals!
We’ll be here for you along the way. We'll be closed on Friday, but our offices will be open again Monday if you realize there are any last-minute issues you need to address.
Wishing you joy and peace this holiday season.