Briefing frontwavecu.com
First Quarter 2022
2022 Contribution Limits
Annual Election on February 24, 2022. Members may request a paper ballot by calling 952.974.2339 or emailing support@directvote.net no later than February 18, 2022. Electronic voting will close on March 24, 2022. Paper voting will close on March 18, 2022. Members who prefer to vote Active Members with a valid email address on file will receive an email with an electronic ballot link Annual Election in person may do so at any of our branch locations March 7 – March 18, 2022.
Is it time to contribute more? Provided by Kathy L Chesney, CLU ChFC and Leslie Myers CWS, CRC Preparing for retirement just got a little more financial wiggle room. The Internal Revenue Service (IRS) has announced new contribution limits for 2022. Staying put for 2022 are traditional Individual Retirement Accounts (IRAs), with the limit remaining at $6,000. The catch-up contribution for traditional IRAs remains $1,000 as well. 1 For workplace retirement accounts (i.e. 401(k), 403(b), amongst others), the contribution limit rises $1,000 to $20,500. Catch-up contributions remain at $6,500. 1
Kathy and Leslie may be reached at 760.439.6960 or kathy.chesney@ cunamutual.com and leslie.myers@ cunamutual.com. professional may be able to help make some adjustments to your contributions. Eligibility for Roth IRA contributions has increased, as well. These have bumped up to $129,000 to $144,000 for single filers and heads of households, and $204,000 to $214,000 for those filing jointly as married couples. 1 Another increase was for SIMPLE IRA Plans (SIMPLE is an acronym for Savings Incentive Match Plan for Employees), which increases from $13,500 to $14,000. 1 If these increases apply to your retirement strategy, a financial
Join us Wednesday, March 30, 2022 at 5 pm to hear about the state of the credit union from our Board of Directors and to review the annual report. All Frontwave members are invited to attend. Annual Meeting
Once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA) or Savings Incentive Match Plan for Employees IRA in most circumstances. Withdrawals from Traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Once you reach age 72, you must begin taking required minimum distributions from your 401(k), 403(b), or other defined-contribution plans in most circumstances. Withdrawals from your 401(k) or other defined-contribution plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax- free and penalty-free withdrawal can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals. This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/ dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
Citations: 1. CNBC.com, November 5, 2021
FR-3965258.1-1221-0124
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