Page 14 - The Jewish Voice - July '22

Page 14, The Jewish Voice

Lifestyles from page 13 Financial Focus at $78,000 ($129,000 for married filing jointly). But here’s
the key point: Compared to 2021, these ranges are $2,000
things, chances are he/she will be more attracted to you. It’s New Limits Expand 401(k), IRA higher for single filers and $4,000 higher for those who
human nature. Opportunities are married and filing jointly – which means that this year,
8. Let Your Date Know You’re Having a Good Time! If you might have more opportunities to make deductible
you’re having a good time, let it show. Smile. Laugh. A well By Sally Sima Stahl contributions.
placed, “I’m having a great time” is good. We all want to be You could spend two, And a similar type of increase applies to Roth IRA
with people that we can make happy. Let him/her know and or even three, decades in eligibility. In 2022, if you’re a single filer, you can put
thank them for it too. This eliminates guessing games! retirement. So, to pay for all in up to $6,000 ($7,000 if you are 50 or older) in a Roth
9. Be Passionate. When your date asks you about yourself those years, you’ll probably IRA if your modified adjusted gross income (MAGI) is
be passionate about the information you choose to share. Be need to take full advantage less than $129,000 – up from $125,000 in 2021. Allowable
decisive in your answers, and don’t wallow back and forth. of your retirement accounts. contributions are reduced at higher income levels and
However, avoid talking too much about yourself and don’t And in 2022, you may have phased out if your MAGI is $144,000 or more, up from
bring up past relationships...for as long as humanly possible. expanded opportunities $140,000 in 2021. If you’re married and file jointly,
10. Keep It Light and Be Positive. Also, please eliminate to deduct retirement plan the respective ranges are $204,000–$214,000, up from
ALL talk of medical conditions, politics, and religious ideas. contributions on your tax $198,000–$208,000 in 2021. Again, higher ranges may
Talk about your travels, your hobbies, your favorite books return. mean more opportunities for you. (Consult your tax advisor
or ANYTHING ELSE THAT IS LIGHT AND FUN. Don’t Before looking at what’s changed this year, let’s review to determine your eligibility to contribute to a Roth IRA
be so serious; very few people want to sit through a detailed the key benefits of these accounts: or make deductible contributions to a traditional IRA.)
explanation of your difficulties at this stage. • Traditional IRA – You typically contribute pretax And finally, the annual contribution limit for 401(k),
11. Conduct Yourself With Dignity. When you find (deductible) dollars to a traditional IRA, and your earnings 457(b), and 403(b) plans is $20,500 – up $1,000 from 2021.
yourself attracted to a person, sometimes you can get carried can grow tax-deferred. If you’re 50 or older, you can put in an extra $6,500 this
away. If you want to talk for six hours, go for it. If you want • Roth IRA – You invest after-tax dollars in a Roth IRA, year, for a total of $27,000.
to share another bottle of wine do it...but otherwise be aware so your contributions won’t lower your taxable income, These changes may not seem monumental, but when
that a first date is “a thing”. It’s a time to be the best version but your earnings can grow tax free, provided you’ve had you’re saving for retirement, any opportunities to invest
of you. Don’t screw it up. your account at least five years and you’re 59½ or older and potentially reduce taxes, of whatever size, can be
12. Watch What You Say in Cyberspace. You’d be when you begin taking withdrawals. valuable. So, review your options to determine how you
surprised how transparent social media can be. So if you • 401(k) – A 401(k) or similar plan — such as a 457(b) can help yourself move closer to your retirement goals.
decided to document your date on Facebook, it can be pretty for state and local government employees or a 403(b) for By knowing exactly what to expect from Social
easy for your date to find that post. Most importantly, this employees of public schools or nonprofit groups — is Security, including the tax effects, you can more effectively
person may not want to be with someone who posts every generally funded with pretax dollars and provides tax- incorporate your benefits into your overall retirement
thought on social media. deferred earnings. Some employers offer a Roth 401(k), income planning – and the better your plans, the more
XOXO, Kelly in which employees contribute after tax-dollars and can you’ll be able to enjoy your life as a retiree. This article
#GetDatingAgain #LoveLocal #LoveOffline #LoveIRL take tax-free withdrawals if they meet the same age and was written by Edward Jones for use by your local Edward
#SummerLove22 #TellYourFriends length-of-ownership requirements as the Roth IRA. Jones Financial Advisor, Edward Jones, Member SIPC.
Kelly Leary has 31 years in the dating industry and So, what’s different about these plans in 2022? First, Edward Jones is a licensed insurance producer in
©
a Master’s Degree in Psychology. She’s been profiled by consider the traditional IRA. If you – and your spouse, if all states and Washington, D.C., through Edward D.
The Palm Beach Post, PalmBeacher Magazine, Stuart you’re married – don’t have a 401(k) or similar plan, you Jones & Co., L.P., and in California, New Mexico and
News, etc. Revolution Dating members are pre-screened can always deduct the full amount of your contribution Massachusetts through Edward Jones Insurance Agency
including background checks. Professional photos are taken on your tax return, no matter what you earn. But if one or of California, L.L.C.; Edward Jones Insurance Agency of
by the staff. Revolution Dating is not online dating or blind both of you are covered by an employer-sponsored plan, New Mexico, L.L.C.; and Edward Jones Insurance Agency
dating. In addition to providing matchmaking services that then your deductions could be reduced or eliminated based of Massachusetts, L.L.C.
make singles “UN-single” through their exclusive club on your income. Edward Jones, its employees and financial advisors
membership, Kelly also provides feedback from your dates Single taxpayers can claim the full deduction if your cannot provide tax advice. You should consult your
when appropriate. All inquiries are confidential. modified adjusted gross income (MAGI) is $68,000 or less qualified tax advisor regarding your situation.
($109,000 for married filing jointly), with deductibility Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
decreasing at higher income levels and phasing out entirely 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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