Local Financial professional Mark Fried from TFG wealth management is here to go through what’s changing in 2022 with your money and how you can plan for it. From taxes to 401(k)s to social security, being aware of some significant changes will help save you time and money.

Fried says the IRS will be boosting tax brackets due to inflation in 2021. In 2022, the changes will be significant, going from 1% to 3%. For example, if a married couple is in the top tax bracket of 37%, they will need to make $20,000 more a year to stay in that tax bracket, says Fried.

There will also be higher 401(k) contribution totals, changing the maximum amount taxpayers can contribute. In 2022, the amount you can contribute to your 401(k) will increase by $1,000 to $20,500 in total.

Finally, Fried says your social security checks will increase. Beneficiaries are seeing a 5.9% increase in payments, which translates to an average benefit increase of $92 per month. You can claim Social Security at age 62, but your benefit will be permanently reduced. If you turned 62 in 2021, your full retirement age is 66 and 10 months. That’s the age at which you can claim Social Security benefits and receive your total amount.

For more information and to learn more ways to save your money visit TFG website.